New India Cooperative Financial institution accused despatched to police custody until Feb. 21

Hitesh Mehta, Normal Supervisor and Head of Accounts at New India Cooperative Financial institution, after being arrested by the EOW, in Mumbai, on February 15, 2025
| Photograph Credit score: PTI

Former normal supervisor and head of accounts of New India Cooperative Financial institution Hitesh Mehta and the beneficiary of the theft Dharmesh Paun have been despatched to police custody until February 21, 2025.

Each have been produced earlier than the courtroom on Sunday (February 17, 2025).

The Mumbai police on Saturday (February 15, 2025) arrested Hitesh Mehta, normal supervisor and head of accounts of the New India Cooperative Financial institution, for allegedly misappropriating ₹122 crore from the financial institution, officers stated.

Mr. Mehta was positioned below arrest by the Financial Offences Wing (EOW) of the town police after being questioned for greater than three hours, an official stated. Mr. Mehta will probably be produced earlier than a neighborhood courtroom on Sunday (February 17, 2025), the police official added.

The police transfer comes a day after the Mumbai based-New India Cooperative Financial institution’s board was outdated by the Reserve Financial institution of India (RBI) for lack of liquidity. The RBI on Friday (February 14, 2025) outdated the cooperative financial institution’s board for a 12 months and appointed an administrator to handle its affairs. A day previous to that, it imposed a number of restrictions, together with on withdrawal of funds by depositors, citing supervisory issues emanating from the latest materials developments within the financial institution, and to guard the curiosity of its depositors.

As per the grievance, Mr. Mehta together with different associates misappropriated ₹122 crore from the safes of Prabhadevi and Goregaon workplaces of the financial institution. “The above accused and his accomplices, of their capability as Normal Supervisor and Head Accounts of the financial institution, dedicated prison breach of belief and misappropriated the quantity of about ₹122 crores of the financial institution’s money stored in belief within the protected deposit packing containers of the Prabhadevi and Goregaon workplaces. Subsequently, a case was registered on the grievance of the complainant,” Dadar police stated in an announcement.