Mumbai: A massive financial scam has been uncovered at New India Co-operative Bank, with former General Manager Hitesh Praveenchand Mehta accused of embezzling ₹122 crore. The fraud allegedly took place between 2020 and 2025, during Mehta’s tenure when he was responsible for the Dadar and Goregaon branches.
FIR Registered, Case Transferred to Economic Offenses Wing (EOW)
The bank’s Chief Accounts Officer lodged a complaint, following which Dadar Police registered an FIR against Mehta. Authorities suspect that another individual might also be involved in the scam. Given the seriousness of the case, it has now been transferred to the Economic Offenses Wing (EOW) for further investigation.
Sections Under Which FIR Has Been Filed
Dadar Police registered the case under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita (BNS). The EOW’s investigation will determine how the scam was executed, how many people were involved, and whether the bank failed to follow security protocols and regulatory guidelines.
Strict Restrictions Imposed on the Bank by RBI
In the wake of financial irregularities, the Reserve Bank of India (RBI) has imposed severe restrictions on New India Co-operative Bank:
✔️ The bank cannot issue new loans or renew existing ones.
✔️ It cannot accept fresh deposits or make new investments.
✔️ Payments towards liabilities are restricted.
✔️ Selling of assets is prohibited.
RBI stated that these restrictions, effective from February 13, 2025, will remain in place for six months to safeguard the interests of depositors.
