Sat Feb 15 09:19:21 UTC 2025: ## Mumbai Police File FIR Against New India Co-operative Bank Officials for ₹122 Crore Misappropriation
**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, accusing him of misappropriating ₹122 crore from the bank’s safe deposit boxes. The case, initially filed at Dadar police station, has been transferred to the Economic Offences Wing.
The police 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 allowed the bank to continue administrative operations such as paying salaries and utility bills. A three-member committee, headed by a former SBI General Manager, has been appointed to manage the bank’s affairs for the next 12 months. Depositors are eligible for deposit insurance up to ₹5 lakh.
The RBI’s intervention triggered panic among customers, who flocked to the bank’s branches on Friday attempting to withdraw their savings, only to be turned away. The New India Co-operative Bank operates primarily in Mumbai, with additional branches in Surat and Pune. The police investigation into the alleged misappropriation is ongoing.
First Piper 