Unveiling the New India Cooperative Bank Scandal: A Symphony of Fraud and Investigation

A court extended the police remand of Hitesh Mehta and others in the Rs 122 crore New India Cooperative Bank embezzlement case till February 28. Mehta, the bank's general manager, allegedly misappropriated funds, prompting an Economic Offences Wing probe following an RBI inspection.

In a recent development, a court has extended the police remand of Hitesh Mehta, the prime suspect in the Rs 122 crore New India Cooperative Bank embezzlement case, until February 28. This decision comes amid ongoing investigations by the Economic Offences Wing, underlining the gravity of the financial misconduct.

Hitesh Mehta, alongside Abhimanyu Bhoan, the bank's former CEO, and real estate developer Dharmesh Paun, faces serious allegations of financial misappropriation. Mehta is accused of siphoning off funds while holding a significant position as the bank's general manager and head of accounts.

The scandal unraveled after a Reserve Bank of India inspection revealed discrepancies at the bank's Prabhadevi and Goregaon branches. Prosecutors are focused on extracting further evidence, asserting that the accused need to be confronted together to resolve the matter of document discrepancies and responsibilities.

(With inputs from agencies.)