Sat Feb 15 13:53:00 UTC 2025: ## Mumbai Co-op Bank Manager Accused of ₹122 Crore Embezzlement
**Mumbai, February 15, 2025** – The Mumbai police have filed a First Information Report (FIR) against the General Manager and Head of Accounts of the New India Co-operative Bank, Hitesh Mehta, for allegedly embezzling ₹122 crore. The case, initially filed at Dadar police station, has been transferred to the Economic Offences Wing. Police allege Mehta and accomplices misappropriated funds from safe deposit boxes at the bank’s Prabhadevi and Goregaon branches.
This action follows the Reserve Bank of India’s (RBI) decision on Friday to supersede the bank’s board due to governance lapses and liquidity issues. The RBI imposed restrictions, prohibiting the bank from issuing new loans, accepting deposits, and allowing withdrawals. However, the RBI permitted the bank to continue administrative functions like salary payments and utility expenses.
A three-member committee, headed by a former SBI General Manager, has been appointed to manage the bank for the next 12 months. Depositors are covered by deposit insurance up to ₹5 lakh. The RBI’s actions caused panic among customers, who flocked to branches on Friday attempting to access their savings. The New India Co-operative Bank operates 28 branches primarily in Mumbai, with additional branches in Surat and Pune.
First Piper 