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New India Cooperative Bank Scam: Ex-GM in Police Custody for Rs 122 Crore Fraud

New India Cooperative Bank Scam: Ex-GM in Police Custody for Rs 122 Crore Fraud

A Mumbai court has sent Hitesh Mehta, former general manager of New India Cooperative Bank, and Dharmesh Paun to police custody until February 21 for their alleged role in misappropriating Rs 122 crore. The fraud, which took place between 2020 and 2025, was uncovered after an internal audit revealed financial discrepancies. Acting CEO Devarshi Ghosh filed a police complaint, leading to an FIR and an investigation by the Economic Offences Wing (EOW). The Reserve Bank of India (RBI) has taken control of the bank’s board and imposed withdrawal restrictions. Financial records are being examined to uncover the full extent of the fraud and other possible suspects. A special committee has been formed to oversee the bank’s operations and assist in recovery efforts.

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