The Economic Offenses Wing (EOW) has arrested Hitesh Mehta, the General Manager of New India Co-Operative Bank, in connection with the bank scam. Recently, the Reserve Bank of India (RBI) imposed several restrictions on the bank due to serious financial irregularities. This has caused a lot of trouble for customers.
122 Crore Rupees Scam
Hitesh Mehta is accused of embezzling ₹122 crore. The EOW had summoned him and asked for details of the bank’s accounts. A forensic audit will be conducted to investigate the fraud. Authorities are also trying to revive the bank so that its 1.3 lakh account holders get some relief.
Crores Withdrawn in 5 Years
This fraud took place between 2020 and 2025. A bank official first noticed that the cash records and account books were not matching. There was an unauthorized withdrawal of ₹122 crore. Hitesh Mehta is accused of making these illegal transactions.
Fraud Happened in Two Branches
Hitesh Mehta was responsible for the Dadar and Goregaon branches during the time of the fraud. The money was embezzled from accounts in these branches. Due to this, EOW called him for questioning. A complaint by the Chief Accountant led to an FIR being registered at Dadar Police Station under sections 316(5) and 61(2) of the Banking Regulation Act.
RBI’s Decision Troubles Customers
On February 13, RBI banned the bank from conducting business operations. Because of this:
- The bank cannot give loans.
- It cannot accept deposits.
- Customers cannot withdraw their money.
This has caused severe problems for the bank’s depositors who are now worried about their savings. Authorities are working to find a solution to help them.
