Cooperative Bank Scandal: Rs 122 Crore Embezzlement Case Unfolds

A New India Cooperative Bank official was arrested for embezzling Rs 122 crore. A significant portion was given to a real estate developer for a project. The arrests followed an investigation by Mumbai police's Economic Offences Wing, revealing more financial misconduct by the accused parties.

A senior official from the New India Cooperative Bank has been implicated in a financial scandal involving the embezzlement of Rs 122 crore, with substantial amounts allegedly distributed to a real estate developer for project completion.

The police have arrested Hitesh Mehta, the bank's general manager, and Dharmesh Paun, the real estate developer, who are currently in police custody. This action stems from a complaint by the bank's acting CEO, which prompted a detailed probe by Mumbai police's Economic Offences Wing.

Scepticism remains regarding the audit process, as discrepancies over the last five years went unnoticed. Authorities continue to investigate the involvement of others, such as Unnathan Arunachalam, and whether loan applications were falsified to mask the embezzlement.

(With inputs from agencies.)