Bank's Vault Mystery: Where Did Rs 122 Crore Vanish?

The New India Cooperative Bank's Prabhadevi branch is under investigation for a Rs 122-crore embezzlement. Only Rs 60 lakh was found during an RBI inspection, despite the safe's capacity being Rs 10 crore. Police have arrested three people, and auditors are being questioned for overlooking discrepancies.

The New India Cooperative Bank's Prabhadevi branch witnessed a staggering fraud case, as Rs 122 crore mysteriously disappeared from its vault. The case unfolded when the Reserve Bank of India conducted an inspection at the branch in Mumbai, revealing a massive discrepancy in the bank's records.

The Mumbai Police's Economic Offences Wing (EOW) is delving into the details, having arrested three individuals in connection with the case, including former bank executives. Despite the vault's limited capacity of Rs 10 crore, only Rs 60 lakh was present on the day of inspection, prompting questions about audit procedures.

Authorities are investigating various auditing firms to uncover why discrepancies in financial records went unnoticed. Meanwhile, the Reserve Bank of India has taken control of the bank's board, appointing an administrator to manage its affairs amidst the scandal.