Uncovering the Rs 122-Crore Scam at New India Co-Operative Bank

The Economic Offences Wing (EOW) of Mumbai Police is investigating a Rs 122-crore embezzlement at New India Co-Operative Bank Ltd., involving senior officials and a chartered accountancy firm. Several arrests have been made, and the Reserve Bank of India has intervened by placing restrictions on the bank's operations.

The Economic Offences Wing (EOW) of Mumbai Police is digging into a Rs 122-crore embezzlement scandal involving New India Co-Operative Bank Ltd. On Wednesday, officials recorded the statement of the bank's former CEO as part of the investigation.

The EOW has also instructed Abhimanyu Deshmukh, a partner at a chartered accountancy firm associated with the bank, to provide his statement. The firm audited the bank's accounts in 2019-2020. Officials are puzzled as to how the fraud remained unnoticed for five years, overlapping with the pandemic.

Further scrutiny is ongoing with testimonies from various current and past bank officials. Arrests have been made, including the former General Manager and a developer linked to misappropriation of funds. In response, the Reserve Bank of India has imposed restrictions and appointed an administrator to oversee the bank's operations.