As per the police, the bank's acting chief executive officer lodged a complaint against Mehta and others at Dadar Police Station in central Mumbai on Friday for alleged misappropriation of the financial institution's funds
Hitesh Mehta, the former general manager of New India Cooperative Bank, being taken to the Esplanade Court in Mumbai on Sunday. Pic/Ashish Raje
A court in Mumbai on Sunday remanded Hitesh Mehta, the former general manager and head of accounts of New India Cooperative Bank, in police custody till February 21 in connection with an alleged misappropriation of Rs 122 crore, news agency PTI reported.
ADVERTISEMENT
The Economic Offences Wing (EOW) of the Mumbai Police presented Mehta and Dharmesh Paun, another accused in the irregularities case, before a holiday court on Sunday.
The court granted police custody for further investigation into the matter, PTI reported.
According to the police, Devarshi Ghosh, the acting chief executive officer of New India Cooperative Bank, lodged a complaint at Dadar Police Station on Friday, accusing Mehta and others of misappropriating funds. Based on the complaint, the police registered a case in the early hours of Saturday, and the investigation was subsequently handed over to EOW.
According to the complaint, Mehta and his associates conspired to embezzle Rs 122 crore from the safes at the Prabhadevi and Goregaon branches of New India Cooperative Bank, PTI reported. A case was filed 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 Nyaya Sanhita.
Mehta, who oversaw the Dadar and Goregaon branches, is accused of misusing his position to commit fraud between 2020 and 2025. He was arrested on Saturday evening by EOW following a raid at his residence in Dahisar, Mumbai. Mehta was initially detained and later brought to the EOW office in south Mumbai for further questioning. His arrest followed detailed interrogations.
On Friday, the Reserve Bank of India (RBI) superseded the bank's board for a year and appointed an administrator to manage its affairs. A day earlier, RBI imposed restrictions on the bank, including limitations on the withdrawal of funds, citing concerns over the bank's financial stability and to protect the interests of its depositors. The RBI's action against the bank triggered panic among its customers, who thronged its branches since morning on Friday hoping to access their savings, but were denied entry into the premises.
New India Cooperative Bank has 28 branches, most of which are located in Mumbai, with two branches in Surat, Gujarat, and one in Pune.
(With PTI inputs)
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
