Mumbai police registers a Rs 122 crore fraud case against the general manager and head of accounts of New India Cooperative Bank
The two allegedly hatched a criminal conspiracy and embezzled about Rs 122 crore : Police
New Delhi, February 15
The Mumbai police registered a Rs 122 crore fraud case against the general manager and head of accounts of New India Cooperative Bank.
The police took action following the Reserve Bank of India (RBI) imposing restrictions on the bank over alleged financial irregularities.
The case against Hitesh Mehta, the general manager and head of accounts of the bank, was lodged on the complaint of Devarshi Shishir Kumar Ghosh, 48, the bank’s chief executive officer, the police said.
In his police complaint, Ghosh said that Mehta and his accomplice were trusted employees of the bank and the cash in the bank’s vaults at its Prabhadevi and Goregaon offices was in their safe custody. But the two allegedly hatched a criminal conspiracy and embezzled about Rs 122 crore.
The RBI’s restrictions prevent the bank from issuing new loans, making investments, borrowing funds or allowing withdrawals for six months due to concerns over its financial stability. The RBI also superseded the bank’s board of directors for 12 months, citing poor governance standards.
