Mumbai Police has accused former General Manager of New India Co-operative Bank Limited, Hitesh Pravinchand Mehta, of allegedly misusing his position to withdraw ₹122 crore from the bank's Dadar and Goregaon branches during his tenure.
The Economic Offences Wing (EOW) has launched an investigation following a complaint from the bank’s Chief Accounts Officer. The fraud reportedly occurred between 2020 and 2025.
This development comes just two days after the Reserve Bank of India (RBI) imposed strict restrictions on the Mumbai-based bank, barring new loans, fresh deposits, and suspending withdrawals for six months due to supervisory concerns and liquidity issues.
The EOW confirmed that the complaint was filed by a bank representative, leading to a formal case at Dadar police station. Authorities are now probing the full extent of the financial irregularities.
