MUMBAI, February 15: The Mumbai police are interrogating Hitesh Mehta, the General Manager and Head of Accounts at New India Cooperative Bank, following allegations of embezzling Rs 122 crore from the bank’s funds. A case has been filed against Mehta and his associates for the alleged financial misconduct, officials confirmed on Saturday.
In response to the ongoing developments, the Reserve Bank of India (RBI) intervened on Friday by superseding the bank's board for a year and appointing an administrator to oversee its operations. The RBI's actions came after it imposed a series of restrictions on the bank, including limiting depositor withdrawals, citing concerns about the bank’s financial stability and safeguarding the interests of its depositors.
The police registered the case early on Saturday based on a complaint filed against Mehta and others, and the investigation has since been handed over to the Economic Offences Wing (EOW), an official stated.
