The 122 Crore Scam: Inside the New India Cooperative Bank Embezzlement

Hitesh Mehta, a general manager at New India Cooperative Bank, is a key suspect in a Rs 122 crore embezzlement case. Mehta allegedly instructed bank staff to hand over large sums of money to his associates. The case is being investigated by the Economic Offences Wing of Mumbai police.

Hitesh Mehta, a senior figure at New India Cooperative Bank, is entangled in a major financial scandal. Authorities allege Mehta orchestrated a Rs 122 crore embezzlement, a scheme unearthed during an RBI inspection.

Police say Mehta instructed bank employees to dispense Rs 50 lakh from the bank's safe to individuals he selected, fueling the misuse of funds. The scandal links him to real estate developer Dharmesh Paun, who is also in custody.

With non-performing assets rising, the situation has drawn scrutiny to why such discrepancies weren't highlighted in previous audits. While recording statements from key figures like auditors and former bank executives, investigators aim to trace the missing funds and unravel the extensive financial misdealings.