New India Co-operative Bank Manager Remanded in Police Custody Over ₹122 Crore Fraud
A court in Mumbai on Sunday remanded Hitesh Mehta, the general manager and head of accounts at New India Co-operative Bank, in police custody until February 21 in connection with an alleged misappropriation of ₹122 crore from the bank.
A court in Mumbai on Sunday remanded Hitesh Mehta, the general manager and head of accounts at New India Co-operative Bank, in police custody until February 21 in connection with an alleged misappropriation of ₹122 crore from the bank.
The Economic Offences Wing (EOW) of the Mumbai police produced Mehta and Dharmesh Paun, another accused in the case, before a holiday court, which granted police custody for further investigation.
According to police sources, Devarshi Ghosh, the acting chief executive officer of the bank, filed a complaint against Mehta and others at Dadar police station on Friday, alleging large-scale financial irregularities. Based on this complaint, a case was registered in the early hours of Saturday, and the investigation was handed over to the EOW.
The complaint alleges that Mehta and his associates conspired to embezzle ₹122 crore from the safes of the bank’s Prabhadevi and Goregaon offices. The accused have been booked under sections 316(5) (criminal breach of trust by public servants, bankers, and others in positions of trust) and 61(2) (criminal conspiracy) of the Bharatiya Nyay Sanhita.
The case comes amid regulatory action against the cooperative bank. On Friday, the Reserve Bank of India (RBI) superseded the bank’s board for a year and appointed an administrator to oversee its affairs. A day earlier, the central bank had imposed restrictions on fund withdrawals by depositors, citing supervisory concerns arising from recent financial developments and in the interest of protecting depositors.
Sources By Agencies
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