Unveiling the New India Cooperative Bank Scandal

The Mumbai Police are investigating a Rs 122-crore embezzlement at New India Cooperative Bank, involving former top executives and directors. Although several directors claim ignorance, arrests have been made, and international links have been uncovered. The Reserve Bank of India imposed restrictions following the fraud's discovery.

Mumbai Police are delving into an extensive embezzlement scandal involving Rs 122 crore at the New India Cooperative Bank. Former directors maintain they were unaware of these illegal activities, which took place over five years since 2020, implicating former executives of the bank.

Seven ex-directors have been called in for questioning, with six stating they were misled by fraudulent audit reports. Among the accused are former General Manager Hiten Mehta and ex-CEO Abhimanyu Bhoan, who have been apprehended alongside others.

The investigation has uncovered large financial transactions linked to businessman Unnathan Arunachalam and his son. Meanwhile, the Reserve Bank of India has intervened by imposing restrictions on the bank, which were later partially lifted. Authorities continue to trace international connections as part of their probe.