Maharashtra: Both accused in New India Cooperative Bank scam sent to police custody till Feb 21
Feb 16, 2025
Mumbai (Maharashtra) [India], February 16 : A Mumbai holiday court on Sunday sent New India Cooperative Bank scam accused Hitesh Mehta and Dharmesh Paun to police custody till February 21.
The former General Manager of New India Co-operative Bank Limited, Hitesh Pravinchand Mehta, allegedly withdrew Rs 122 crore from the bank when he was responsible for the Dadar and Goregaon branches.
He allegedly misused his position and committed fraud of Rs 122 crore from the accounts of both branches.
The Economic Offences Wing (EOW) had summoned Hitesh Pravinchand Mehta, the former General Manager of New India Co-operative Bank Limited on Saturday, the Mumbai Police had confirmed.
The fraud, which allegedly took place between 2020 and 2025, was detected when discrepancies appeared in the bank's financial records. An internal audit flagged concerns over missing funds, prompting a police investigation, the Mumbai police had added.
According to the complaint filed by the Chief Accounts Officer of New India Co-operative Bank at the Dadar Police Station, Mehta, in his capacity as General Manager, is accused of withdrawing a massive sum from the bank's accounts, taking advantage of his position.
The police suspect that Hitesh Mehta and Dharmesh Paun were involved in orchestrating the fraud.
Further, the police statement mentioned that the investigation was initially conducted by the Dadar Police, who have since registered a First Information Report (FIR) under sections 316 (5) and 61 (2) of the BNS (Banking and Non-banking Services). The case has now been transferred to the Economic Offences Wing for further in-depth examination.
On February 14, the Reserve Bank of India superseded the Board of Directors of New India Cooperative Bank Ltd, Mumbai, for a period of 12 months, the Central bank said in a statement on Friday, a day after it imposed several restrictions on the lender.
The action was necessitated "due to certain material concerns emanating from poor governance standards observed" in the Mumbai-headquartered New India Cooperative Bank Ltd.
