The holiday court is Mumbai remanded the GM and head of accounts of the New India Co-operative Bank, Hitesh Mehta, in police custody till February 21, in connection to the alleged misappropriation of ₹122 crore from the bank.
Mehta was produced to the court on Sunday by the Mumbai police economic offences wing (EOW) with another accused Dharmesh Paun. Both of them were sent to police custody till Friday for further investigation into the allegations.
The arrest and subsequent actions were at the heels of the bank's acting CEO Devarshi Ghosh lodging a complaint against Mehta and others at Dadar police station in Mumbai on Friday. By Saturday, the case registered by the police was transferred to the EOW.
According to the police, Ghosh alleged that Mehta and others conspired and embezzled ₹122 crore from the safes of the Prabhadevi and Goregaon offices of the New India Cooperative Bank.
People gather outside a branch of the New India Co-operative Bank after the RBI imposed restrictions | PTI
On Friday, the Reserve Bank of India (RBI) stepped in and superseded the cooperative bank's board for a year, along with appointing an administrator to manage its affairs. The central bank also imposed several restrictions on New India Cooperative Bank, including on the withdrawal of funds by depositors.
Also Read
Earlier this month, at the heels of the Torres investment fraud case which saw the arrest of six persons including Ukrainian actor Armen Ataine, Maharashtra Home Department released state-wide data of financial fraud cases for 2024. Mumbai topped this list, with 51,873 cases resulting in total losses of ₹12,404.12 crore.
