High-Profile Arrests in New India Cooperative Bank Scam

Hitesh Mehta and other executives are in police custody over a Rs 122 crore embezzlement at New India Cooperative Bank. The Economic Offences Wing of Mumbai police investigates. The court has extended their remand to gather more evidence and explore their roles in the conspiracy.

On Friday, a court decided to extend the police custody of Hitesh Mehta, the chief suspect in the Rs 122 crore embezzlement case at New India Cooperative Bank. His detention, along with former CEO Abhimanyu Bhoan, has been prolonged until February 28, as part of an ongoing police investigation spearheaded by the Economic Offences Wing in Mumbai.

Mehta, who served as the bank's general manager and head of accounts, allegedly misappropriated funds over a sustained period. Alongside real estate developer Dharmesh Paun, who reportedly received part of the embezzled funds, Mehta faces grave charges. The court heard that an exhaustive examination of extensive documents was necessary for promising investigative progress.

As reported, the initial complaint, originating from acting CEO Devarshi Ghosh, prompted an RBI inspection, bringing the alleged activities into light. The suspects, charged under sections 316 (5) and 61(2) of the Bharatiya Nyaya Sanhita, remain in custody to facilitate confrontations necessary for uncovering further insights into the fraudulent scheme.