Massive Embezzlement Uncovered at New India Cooperative Bank
An ongoing investigation by Mumbai Police's Economic Offences Wing has revealed a Rs 122 crore embezzlement scandal at New India Cooperative Bank's Prabhadevi branch. The Reserve Bank of India uncovered discrepancies during an inspection, leading to multiple arrests, including that of former executives and ongoing inquiries into auditing firms.
- Country:
- India
In a startling revelation, an inspection by the Reserve Bank of India has uncovered a massive embezzlement scandal at the New India Cooperative Bank's Prabhadevi branch in Mumbai.
The Mumbai Police's Economic Offences Wing is probing the misappropriation of Rs 122 crore, leading to the arrest of three individuals, including the bank's former CEO and a general manager.
The investigation is focusing on why auditors failed to report discrepancies, with further scrutiny of financial records and potential forensic audits on the horizon.
Google News