Ex-Bank Manager Arrested in Rs 122 Crore Embezzlement Scandal

Hitesh Mehta, an ex-general manager of New India Coop Bank, is accused of orchestrating a Rs 122 crore embezzlement. In custody with real estate developer Dharmesh Paun, Mehta allegedly misused his access to bank safes. The case is under investigation by Mumbai's Economic Offences Wing.

In a shocking turn of events, Hitesh Mehta, the former general manager of New India Coop Bank, finds himself at the center of a Rs 122 crore embezzlement scandal. According to police reports, Mehta instructed bank staff to hand over large sums of cash to individuals of his choosing.

Alongside Mehta, real estate developer Dharmesh Paun has also been detained as the investigation unfolds. The fraudulent activities came to light following an inspection by the Reserve Bank of India, which revealed a massive discrepancy, prompting the Mumbai Economic Offences Wing to dive deeper into the issue.

Authorities are meticulously examining why routine audits failed to detect the embezzlement, with statements being recorded from auditors and bank officials, including the bank's former CEO and chartered accountants involved in its financial inspection. Meanwhile, another accused, Unnathan Arunachalam, remains on the run.