Crackdown on Rs 122 Crore Bank Embezzlement: Lies, Audits, and Arrests

Hitesh Mehta, accused in the Rs 122 crore New India Co-operative Bank embezzlement, is under scrutiny by the RBI and Mumbai police. His confessional video is a key probe element. EOW seeks a lie detector test while investigating money traces. RBI relaxed withdrawal restrictions after assessing the bank’s liquidity.

Hitesh Mehta, the main accused in the Rs 122 crore embezzlement case at New India Co-operative Bank, faces intense scrutiny as the Mumbai police's Economic Offences Wing (EOW) advances its investigation. A pivotal video of Mehta being questioned by the RBI has been secured, highlighting the extent of the alleged misappropriations.

The EOW plans to request a court-sanctioned lie detector test for Mehta. After the misuse of funds from the bank’s safes in Prabhadevi and Goregaon emerged, a case was filed, leading to arrests including former CEO Abhimanyu Bhoan. Mehta’s claims of cash distributions are now under EOW's financial microscope.

Meanwhile, the RBI lifted some restrictions on deposit withdrawals, allowing customers to access up to Rs 25,000 effective February 27. This decision followed a review of the bank’s liquidity in collaboration with the Administrator, potentially benefiting over half of the depositors at the bank.