Maharashtra: New india Cooperative bank general manager arrested in ₹ 122 crore embezzlement case, case registered against associates
Bank Scam: The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) on Thursday imposed several restrictions on the cooperative bank, including a ban on the withdrawal of money by depositors. The mumbai police has arrested New india Cooperative bank general manager hitesh Mehta in connection with the Rs 122 crore embezzlement case. The police have registered a case against hitesh and his associates and handed over the investigation to its Economic Offenses Wing (EOW). He will be produced in a local court on Sunday, a police official said.
Mehta was arrested by the Economic Offenses Wing (EOW) of the city police after questioning for more than three hours, an official said. The official said Mehta was called to the investigating agency's south mumbai office to record his statement in connection with the case.
The Reserve bank of india (RBI) on Thursday imposed several restrictions on the cooperative bank, including a ban on withdrawal of money by depositors. On friday, the RBI dissolved the lender's board for a year and appointed an administrator to manage the affairs and also appointed a committee of advisors to assist him.
The bank's acting chief executive officer Devarshi Ghosh on Friday went to the Dadar police station in central mumbai and complained of misappropriation of funds. Following this, the police registered a case against Mehta and others in the early hours of Saturday. Mehta was brought to the EOW office in south Mumbai and its officers are questioning him. According to the complaint, the bank's general manager and accounts head Hitesh Mehta along with other associates conspired and embezzled Rs 122 crore from the funds kept in the vaults of the bank's Prabhadevi and Goregaon offices, they said.
Based on the complaint, a case has been registered against Mehta and others under sections 316 (5) (criminal breach of trust by public servants, bankers, and other persons in positions of trust), section 61 (2) (criminal conspiracy) of the indian Penal Code (BNS), police said. He said that considering the scope of the investigation, the case has been handed over to the EOW. The agency has started the investigation. Most of the 28 branches of this cooperative bank are in the mumbai metropolis. It has two branches in Surat, Gujarat, and one branch in Pune.
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