Sat Feb 15 08:27:34 UTC 2025: **Mumbai Cooperative Bank Manager Accused of ₹122 Crore Embezzlement**
MUMBAI, INDIA – The Economic Offences Wing (EOW) of the Mumbai Police is investigating the alleged embezzlement of ₹122 crore (approximately $14.7 million USD) from the New India Co-operative Bank. Former General Manager Hitesh Pravinchand Mehta is the prime suspect.
Mehta, who oversaw the Dadar and Goregaon branches, is accused of misusing his position to fraudulently withdraw the funds. The bank’s Chief Accountant filed a complaint with the Dadar police station, leading to an FIR. The case has since been transferred to the EOW for further investigation.
The EOW has summoned Mehta and is examining the bank’s account books. A discrepancy of ₹122 crore was discovered during a reconciliation of entries. A forensic audit of the bank’s records is underway.
The New India Co-operative Bank is currently under restrictions imposed by the Reserve Bank of India (RBI) due to significant irregularities. These restrictions prevent the bank from issuing loans or allowing depositors to withdraw funds, impacting countless ordinary citizens. The EOW investigation continues.
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