Sat Feb 15 13:27:34 UTC 2025: ## Mumbai Police Investigate New India Cooperative Bank Amidst Alleged Irregularities
**MUMBAI, INDIA** – The Mumbai Police’s Economic Offences Wing (EOW) has launched an investigation into alleged irregularities at the New India Cooperative Bank, following a complaint filed by a bank representative. The investigation comes a day after the Reserve Bank of India (RBI) imposed a six-month transaction ban on the bank due to irregularities in its lending practices.
The EOW is currently analyzing financial records and transaction details to determine the nature and extent of the alleged financial discrepancies. A statement has been recorded from a bank representative as part of the preliminary investigation.
The RBI’s actions sparked panic among depositors, who flocked to bank branches on Friday demanding clarity on their deposits. Long queues formed outside branches, with cash withdrawals prohibited, though access to lockers was allowed. Notices assuring depositors of refunds within 90 days were posted, but did little to alleviate concerns. Police were deployed in several locations to manage crowds.
Separately, a major financial scandal involving the bank’s former General Manager, Hitesh Pravinchand Mehta, has emerged. Mehta is accused of embezzling ₹122 crore (approximately $14.8 million USD) from the bank’s coffers between 2020 and 2025. An FIR has been filed at Dadar police station based on a complaint from the bank’s chief accountant. The case has been transferred to the EOW due to the seriousness of the alleged fraud. Investigators suspect Mehta may not have acted alone.
The EOW’s investigation into the alleged irregularities is ongoing. Further legal action will be taken following the completion of the investigation.
First Piper 