The Mumbai Police’s Economic Offences Wing (EOW) has received approval from the Chief Judicial Magistrate Court to attach 21 properties valued at approximately ₹167.85 crore (around $20.2 million) linked to five accused individuals in the New India Cooperative Bank scam. This action marks the first instance of property attachment under Section 107 of the Bombay Narcotic Drugs and Psychotropic Substances Act (BNSS) for financial crimes in Mumbai. The case involves allegations of embezzlement totaling ₹122 crore (about $14.7 million) from the cooperative bank. In a related financial fraud case, Randy Miller and his son Chad Miller have been charged with defrauding investors of more than $284 million through two municipal bond offerings that financed a failed sports complex in Arizona. The U.S. Securities and Exchange Commission (SEC) has also charged three individuals in connection with this case. The Miller family’s scheme reportedly caused substantial losses to municipal bondholders.
The Economic Offences Wing of the Mumbai police on Thursday said that the Chief Judicial Magistrate Court in Mumbai has given nod to the police to attach 21 properties worth ₹167.85 crore that belongs to five accused in the ₹122 crore New India Cooperative Bank embezzlement https://t.co/ruOD9UKNIW
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