<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">Two days after the Reserve Bank of India (RBI) imposed restrictions on the operations of New India Cooperative Bank, a First Information Report (FIR) has been registered at the Dadar Police Station in Mumbai, alleging financial embezzlement within the bank.&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The complaint, filed under relevant sections of the Bharatiya Nyay Sanhita (BNS), was lodged by Devarshi Shishir Kumar Ghosh, 48, the Acting Chief Executive Officer (CEO) of the bank.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The primary accused in the case is Hitesh Mehta, the General Manager of the bank. The FIR also names several of his colleagues, including people serving as General Manager and Head of Accounts.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">According to the FIR, the accused allegedly misused their official positions, conspired, and embezzled ₹122 crore from the bank.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The investigation has been transferred to the Economic Offences Wing (EOW) of Mumbai Police. The probe will be conducted under the supervision of DCP Mangesh Shinde, who oversees banking-related financial crimes.
On Saturday, EOW officials conducted a raid at Mehta&rsquo;s residence in Dahisar, Mumbai, at Aryavrat Society, NL Complex. Following the search at his 14th floor apartment, Mehta was taken into custody and brought to the EOW office for interrogation.
The fraud is said to have taken place between 2020 and 2025.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The RBI has imposed restrictions on the bank due to supervisory concerns and liquidity issues. The directive, effective from Thursday, bars the bank from allowing withdrawals but permits loan adjustments against deposits. Essential expenses like employee salaries, rent, and electricity bills can still be covered.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The Reserve Bank had come to know that the financial condition of this bank was not good.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The RBI is now raising questions about whether the bank has enough money or not. Therefore, people have been prohibited from withdrawing money from their savings account, current account or any other account.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The Reserve Bank has said that these restrictions have been imposed to protect the interests of the customers.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">Additionally, the bank will not have the authority to sell any of its assets. These restrictions will remain in effect for a period of six months, beginning from February 13, 2025.<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The restrictions caused panic among the depositors who rushed to the bank&rsquo;s respective branches only to be told that they couldn&rsquo;t withdraw their money.<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&mdash;IANS

Accused Hitesh Mehta & his colleagues misused their power & embezzle ₹122 Cr from bank

New India Bank's GM Booked for Financial Fraud Case

Accused Hitesh Mehta & his colleagues misused their power & embezzle ₹122 Cr from bank

February 15, 2025 | 14:17 IST