Sat Feb 15 13:27:41 UTC 2025: ## Mumbai Police Detain Former Bank Manager in ₹122 Crore Embezzlement Case
**Mumbai, India –** The Economic Offences Wing (EOW) of the Mumbai police arrested Hitesh Mehta, the former general manager and head of accounts of New India Cooperative Bank, on Saturday in connection with a ₹122 crore (approximately $14.8 million USD) embezzlement case. The arrest follows the Reserve Bank of India’s (RBI) imposition of restrictions on the bank due to alleged financial irregularities.
Mehta’s Dahisar residence was raided, and documents were seized. He is currently being questioned by EOW officials. The case was filed after a complaint from the bank’s CEO, Devarshi Shishir Kumar Ghosh, who accused Mehta and an unnamed accomplice of embezzling the funds between 2020 and 2025. The two allegedly misused their positions of trust to access and misappropriate cash from the bank’s vaults.
The RBI’s restrictions, effective February 13th and lasting six months, prevent the bank from issuing new loans, making investments, borrowing funds, or allowing withdrawals. The bank’s board has been superseded for a year due to “poor governance standards.” A former SBI chief general manager has been appointed as administrator.
The arrest of Mehta marks the first major action against a cooperative bank in Maharashtra since the PMC Bank collapse. New India Cooperative Bank, with 30 branches and a deposit base of ₹2,436 crore, reported significant losses in recent years. The incident sparked panic among depositors who queued up at branches on Friday to check on their funds. The investigation continues.
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