The cooperative bank's general manager and head of accounts Hitesh Mehta and real estate developer Dharmesh Paun have been arrested in the case and a court has remanded them in police custody till February 21
Hitesh Mehta. File pic
The New India Cooperative Bank official arrested for allegedly embezzling Rs 122 crore has admitted to paying Rs 70 crore to a real estate developer to complete an slum rehabilitation authority (SRA) project in Charkop area of Kandivali, Mumbai, news agency PTI reported.
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Hitesh Mehta, the former general manager of New India Cooperative Bank and head of accounts, along with real estate developer Dharmesh Paun, has been arrested in the case. A court has remanded them in police custody until February 21.
The case was registered on the complaint of Devarshi Ghosh, the bank's acting chief executive officer, at Dadar Police Station on Friday. The investigation was transferred to the Economic Offences Wing of Mumbai Police and Mehta was arrested for the alleged embezzlement of Rs 122 crore from the Prabhadevi and Goregaon branches of New India Cooperative Bank.
"Paun was held on Sunday. After the registration of the case, Mumbai Police issued lookout circulars (LOC) against Mehta and another accused, Unnathan Arunachalam alias Arun Bhai, 55, who is in the solar panel business. Mehta has told us he gave Rs 70 crore to the real estate developer and Rs 40 crore to Arunachalam," a police officer said on Monday, reported PTI.
"Some of the money was used by Mehta for personal purposes. Paun has so far not admitted to taking the full amount from Mehta. We are still investigating whether Paun had applied for a bank loan to complete the SRA project. The embezzlement of funds was uncovered when RBI officials inspected the bank's corporate office in Prabhadevi," he added.
According to PTI, the police said that owing to a shortage of funds in the safe, the Reserve Bank of India (RBI) officials held a meeting with bank employees, during which Mehta stated that he was the custodian of the funds and would return the money.
"We are also probing why an audit could not detect that the embezzlement had been ongoing for the last five years," the officer informed.
New India Cooperativee Bank looted by BJP members: Sanjay Raut
Shiv Sena (Uddhav Balasaheb Thackeray) Member of Parliament (MP) Sanjay Raut on Monday alleged that Bharatiya Janata Party (BJP) members were involved in looting the New India Cooperative Bank, and questioned the Maharashtra government's silence on the matter.
Two individuals, including Hitesh Mehta, the former general manager and head of accounts of the New India Cooperative Bank, have been arrested for allegedly embezzling Rs 122 crore from the safes of the Prabhadevi and Goregaon branches of the bank.
Speaking to reporters, Raut claimed that BJP members were involved in the bank's looting in Mumbai.
"Where is BJP leader Kirit Somaiya now? Such a big bank has been looted. Is he silent because BJP members looted the bank? This money didn’t belong to the rich. The bank was founded by the socialist leader, late George Fernandes. Why is Somaiya not supporting the depositors who are affected? Why wasn’t the ED (Enforcement Directorate) informed?" he questioned.
The Rajya Sabha MP further criticised the state government for its silence on the issue, wondering why it had not held a press conference.
Raut also took aim at BJP Member of Legislative Assembly (MLA) Suresh Dhas, accusing him of exploiting the murder case of Beed sarpanch Santosh Deshmukh for political gain. Dhas had intensified his criticism of state Minister Dhananjay Munde, whose aide Walmik Karad has been arrested in an extortion case linked to the murder of Deshmukh, the sarpanch of Massajog village, in December last year.
(With PTI inputs)
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