EOW arrests Mumbai businessman in

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has arrested a businessman from Malad for allegedly aiding a nationalised bank manager in siphoning off ₹36 crore from two fixed deposit accounts belonging to the Mathadi Kamagar Union.
EOW officials identified the arrested accused as Bhavesh Shah, a Malad-based businessman. The case was initially registered in 2019, and Shah’s arrest comes after a five-year investigation.
The complaint was filed by Balraj Deshmukh, chairman of Iron and Steel Kamgaar Kalyan Mandal, a union of Mathadi workers. Deshmukh alleged that the union was approached by Byculla bank branch manager Nikhil Roy, who promised higher interest rates on fixed deposits.
An officer involved in the investigation stated, “Deshmukh told us that Roy had approached them and requested that they keep their money as FD in his bank and promised a high interest rate. The union, which is among the 36 boards of Mathadi workers, made two separate FDs of ₹45 crore in the bank.”
The fixed deposit accounts were opened in December 2018 and February 2019. Union office bearers frequently visited the branch to check on their investments and were consistently assured that all was well. However, the branch manager, with the help of 14 newly opened bank accounts, allegedly transferred ₹36 crore of the labour unions’ funds to various branch accounts and withdrew the money.
“In all, eleven people including Roy were arrested in the case. Now we have arrested Shah, a resident of Malad who is in the business of giving entries. He not only helped Roy transfer the money into various bank accounts but also purchased 9 kilograms of gold worth ₹5 crore from the Bullion Market and has given it to Roy. We have learnt he has transferred ₹2.5 crore to his bank accounts,” the police officer said.