Unveiling the New India Cooperative Bank Scandal: EOW Probes a Rs 122 Crore Embezzlement

The Economic Offences Wing is investigating a Rs 122 crore embezzlement at New India Cooperative Bank. It found discrepancies between reported and actual safe cash, sparking arrests of bank's managers and a real estate developer. The probe is ongoing to uncover the extent of the scam.

The Economic Offences Wing is delving into a significant Rs 122 crore embezzlement case within the New India Cooperative Bank. An investigation revealed a glaring discrepancy between the official retention limit of Rs 20 crore for the bank's cash safe and the Rs 133 crore recorded in the books.

Officials found the actual cash in the safe to be below the expected limit, raising alarms. Bank's top personnel, including general manager Hitesh Mehta, ex-CEO Abhimanyu Bhoan, and real estate developer Dharmesh Paun, have been apprehended and are presently held in custody until February 28 for further interrogation.

The investigation aims to uncover the reason behind unreported cash disparities and scrutinizes potential kickbacks and supervisory lapses. The scandal emphasizes the need for stringent oversight in the financial sector.