Bank Manager Held in Rs 122 Crore Misappropriation Case

Hitesh Mehta, a senior official at the New India Cooperative Bank, has been remanded into police custody amid allegations of misappropriating Rs 122 crore. The Reserve Bank of India has superseded the bank's board, imposing restrictions to safeguard depositors' interests, while the case undergoes further investigation by the economic offences wing.

In a significant development, Hitesh Mehta, the general manager and head of accounts at the New India Cooperative Bank, has been remanded in police custody until February 21 following accusations of misappropriating a staggering Rs 122 crore. The police's economic offences wing presented Mehta, along with another suspect, Dharmesh Paun, to a holiday court, which ordered their detention for further investigation.

The case was initiated after Devarshi Ghosh, the acting CEO of the bank, filed a formal complaint against Mehta at the Dadar police station, alleging a conspiracy to siphon funds from the bank's branches at Prabhadevi and Goregaon. The charges against him include criminal breach of trust and conspiracy under the Bharatiya Nyay Sanhita.

Following these allegations, the Reserve Bank of India took decisive action by superseding the cooperative bank's board for a year and appointing an administrator to oversee its operations. Additionally, restrictions were imposed on the withdrawal of funds by depositors to mitigate risks and protect their interests, highlighting the gravity of the situation.