New India Cooperative Financial institution GM Hitesh Mehta arrested by EOW for allegedly embezzling Rs 122 crore – India TV
New India Cooperative Financial institution GM Hitesh Mehta arrested by Financial Offences Wing (EOW) of the Mumbai Police on Saturday in a fraud case. Earlier within the day, the EOW officers interrogated Hitesh within the fraud case. Notably, Hitesh Mehta’s medical check-up has been carried out by the police on the cost of New India cooperative financial institution rip-off.
Hitesh Mehta’s lawyer Chandrakant Ambani stated that his shopper is being framed as he has not embezzled any cash. He said that no irregularities had been discovered within the financial institution’s steadiness sheet and annual audit report until 2024, therefore, how can the senior officers of the financial institution who signed the audit report say that this corruption or embezzlement occurred from 2020 until now?
It’s important to notice that Hitesh Mehta has been accused of embezzling Rs 122 crore from the Mumbai-based financial institution. And on this regard, a case was registered towards him on the premise of a grievance filed by the financial institution’s Chief Accounts Officer at Dadar police station.
Within the grievance, it was alleged that the previous common supervisor withdrew Rs 122 crore from the treasury from the Dadar and Goregaon branches of the financial institution and was chargeable for overseeing these branches throughout his tenure. These fraud instances allegedly came about between 2020 and 2025 as Mehta was anticipated to retire in 2026.
The event comes because the Financial Offences Wing (EOW) of the Mumbai Police on Saturday began investigating the alleged irregularities within the New India Cooperative Financial institution. The financial institution consultant has made a grievance about the identical to the EOW, following which his assertion was recorded.
On February 14, the Reserve Financial institution of India outdated the Board of Administrators of New India Cooperative Financial institution Ltd, Mumbai, for a interval of 12 months, the central financial institution stated in a press release on Friday, a day after it imposed a number of restrictions on the lender.
Consequently, the RBI has appointed Shreekant, former Chief Basic Supervisor of State Financial institution of India (SBI) as ‘Administrator’ to handle the affairs of the financial institution throughout this era. The RBI has additionally appointed a ‘Committee of Advisors’ to help the Administrator in discharging his duties. The members of the Committee of Advisors are Ravindra Sapra (former Basic Supervisor, SBI) and Abhijeet Deshmukh (Chartered Accountant).
The motion was necessitated “on account of sure materials considerations emanating from poor governance requirements noticed” within the Mumbai-headquartered New India Cooperative Financial institution Ltd.’
On Friday morning, prospects gathered in tons of outdoors Mumbai-headquartered New India Co-operative Financial institution Restricted branches to withdraw their hard-earned financial savings, quickly after the Reserve Financial institution of India imposed a number of restrictions on the lender.
