Sat Feb 15 12:12:36 UTC 2025: ## Former General Manager Accused of ₹122 Crore Embezzlement at New India Co-operative Bank

**Mumbai, India –** The Economic Offences Wing (EOW) of the Mumbai Police is investigating a massive ₹122 crore embezzlement case at the New India Co-operative Bank Limited. Hitesh Pravinchand Mehta, the bank’s former General Manager, stands accused of misappropriating the funds while overseeing the Dadar and Goregaon branches between 2020 and 2025.

A complaint filed by the bank’s Chief Accounts Officer led to the initial FIR registered by Dadar police under sections 316(5) and 61(2) of the Indian Penal Code. Police suspect Mehta may have had an accomplice. Due to the significant amount involved, the case has been transferred to the EOW for a thorough investigation. The EOW will determine the extent of the embezzlement, identify all involved parties, and investigate potential lapses in the bank’s security protocols.

This scandal follows the recent imposition of strict restrictions on New India Co-operative Bank by the Reserve Bank of India (RBI). Effective February 13, 2025, and lasting six months, these restrictions prohibit the bank from issuing new loans, renewing existing ones, accepting new deposits, making investments, or selling assets to repay liabilities. The RBI cited recent financial irregularities and the need to protect depositors’ interests as reasons for the action. The investigation is expected to shed light on the full extent of the fraud and the implications for the bank and its customers.

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