The Economic Offences Wing (EOW) of the Mumbai police has filed a chargesheet against former officials of the New India Co-operative Bank and executives from the Percept Group, alleging a conspiracy that resulted in a loss of ₹15.32 crore. The chargesheet names several individuals, including late chairman Ranjit Bhanu and CEO Abhimanyu Bhon, accusing them of criminal breach of trust, cheating, conspiracy, and embezzlement. Investigators claim that between 2014 and 2023, loans amounting to ₹77 crore were sanctioned to financially unstable Percept companies despite incomplete documentation. Allegations include the diversion of ₹6.37 crore to Hermes Sports and Entertainment Ltd, linked to Hiren Bhanu, and irregularities in collateral management. A property at Raghuvanshi Mill Compound, pledged as security, was damaged in a fire and released without proper valuation. The chargesheet also highlights that a One Time Settlement policy allowed Percept Group companies to receive a waiver of ₹15.32 crore, raising concerns about preferential treatment not extended to other borrowers. Further investigations and forensic audits are ongoing to uncover additional details of the alleged fraud.