Explosive Rs 122 Crore Embezzlement Unveiled at New India Cooperative Bank

The Mumbai Police's Economic Offences Wing is investigating the Rs 122-crore embezzlement at New India Cooperative Bank. Several audit firms are being questioned, including Sanjay Rane Associates. Former CEO Abhimanyu Bhoan and others have been arrested. The RBI replaced the bank's board with an administrator amid the ongoing probe.

The Economic Offences Wing of Mumbai Police is intensifying its investigation into a reported Rs 122-crore embezzlement at New India Cooperative Bank. Multiple audit firms that audited the bank during the 2019 to 2024 period are under scrutiny.

Amid tensions, the EOW has already questioned Abhijeet Deshmukh from Sanjay Rane Associates and now seeks a statement from another partner, Sanjay Rane. Assistant auditing firms, including M/s UG Devi and Company, M/S Gandhi and Associates LLP, among others, have also been called in.

The embezzlement came to light following a Reserve Bank of India inspection, leading to the arrest of former CEO Abhimanyu Bhoan and others. The RBI has intervened by superseding the board and placing an administrator to manage the bank.