Former general manager of New India Cooperative Bank, banned by RBI, 'cheated' bank of ₹122 crore

The Mumbai Police has registered a case against Hitesh Pravinchand Mehta, the former general manager and head of accounts of New India Cooperative Bank, for allegedly cheating the bank of ₹122 crore. The Reserve Bank of India superseded the bank's board and banned all operations from close of business on Thursday onwards.

According to police, the bank's acting CEO Devarshi Ghosh approached the Dadar Police Station in central Mumbai and lodged a complaint of misappropriation of funds. “As per the complaint, the bank's general manager and head of accounts, Hitesh Mehta, along with other associates hatched a conspiracy and embezzled ₹122 crore from the money kept in the safes of Prabhadevi and Goregaon offices of the bank”.