A major breakthrough is expected soon in the ₹122 crore New India Co-operative Bank scam, as the Economic Offences Wing (EOW) is closing in on another key accused — Ajay Singh Rathore. According to sources, EOW teams have been camping in Rajasthan and are very close to apprehending Rathore, who allegedly played a crucial role in laundering scam money.

A senior EOW official revealed that Rathore received ₹7.5 crore from the embezzled funds, which were handed over by the prime accused, Hitesh Mehta. Mehta allegedly gave Rathore the amount to convert black money into white, but Rathore absconded with the money and never returned it.

Rathore is reported to be a close aide of arrested accused Rajeev Ranjan Pandey and is a native of Rajasthan. The EOW’s probe found that Rathore was one of seven individuals present at a key meeting held at Rajeev Pandey’s Santacruz office, allegedly organized at the behest of Baba Shravan Pandit Durave.

Sources said Rajeev Pandey participated in the meeting over the phone using a different identity, while Rathore and Mehta jointly presided over the deal. Following the meeting, Mehta paid ₹15 crore — out of which Rathore handed ₹7.5 crore to Pandey and kept ₹7.5 crore for himself.

Sameer Sheikh, a known associate of Rajeev Pandey, confirmed that Rathore had received the money directly from Mehta. Rathore had promised to deposit the amount into a trust, convert it into white money, take a commission, and return the remaining amount — but failed to do so.

Investigators believe that only Rathore's arrest can reveal where the siphoned money was actually spent. “We are very close to arresting Rathore,” a senior official stated. “Our teams are on his trail, and the breakthrough could come any day now.”

Meanwhile, the hunt for another associate of Rajeev Pandey — Pawan Jaiswal — is ongoing in Jharkhand.