The Economic Offences Wing (EOW) of Mumbai Police has launched an investigation into alleged irregularities at New India Cooperative Bank following a complaint filed by a bank representative.
Bank representative's statement recorded
As part of the initial probe, the EOW has recorded the statement of a bank representative to understand the nature and extent of the alleged financial discrepancies.
EOW examining the case
Authorities are currently analyzing the financial records and transaction details to identify potential lapses or violations. Officials have stated that the investigation is in its early stages and efforts are being made to determine where the irregularities occurred.
Customers rush to branches after RBI ban
A day after the Reserve Bank of India (RBI) imposed a six-month transaction ban on New India Co-operative Bank Ltd, anxious customers rushed to its branches on Friday, seeking clarity on their deposits. The RBI’s action came in response to irregularities in the bank’s lending practices, triggering concerns among account holders about the safety of their savings.
Customers denied withdrawals, security deployed
Long queues formed outside the bank’s branches as worried depositors attempted to access their funds. While many were allowed to access lockers containing valuables, cash withdrawals were completely restricted. Notices placed at branch entrances assured depositors that funds would be repaid within 90 days, but that did little to calm their nerves. At several locations, police personnel were deployed to manage the swelling crowds and prevent any law-and-order situation.
Former General Manager of New India Co-operative Bank accused of Rs 122 crore fraud
A shocking financial fraud has come to light involving the former General Manager of New India Co-operative Bank Ltd., Hitesh Praveenchand Mehta, who is accused of allegedly siphoning off Rs 122 crore from the bank's treasury.
Fraud committed during tenure as General Manager
During his tenure, Mehta was responsible for the Dadar and Goregaon branches of the bank. Authorities believe that he misused his position to fraudulently withdraw Rs 122 crore from accounts linked to both branches.
FIR filed based on bank's complaint
Following a complaint by the bank's chief accounts officer, an FIR has been registered at Dadar Police Station. Investigators suspect that Mehta did not act alone and that another individual may also be involved in the scam.
Case transferred to Economic Offences Wing (EOW)
Considering the magnitude of the fraud, authorities have transferred the case to the Economic Offences Wing (EOW) for further investigation.
Fraud took place between 2020 and 2025
As per the complaint, the fraudulent activities occurred between 2020 and 2025. The Dadar Police have registered the case under Sections 316(5) and 61(2) of the BNS, and a detailed probe is now underway.
