New India Cooperative Financial institution fraud: Common supervisor remanded in police custody till February 21

NEW DELHI: A Mumbai courtroom ordered Hitesh Mehta, the previous normal supervisor and head of accounts at New India Cooperative Financial institution, into police custody over the alleged Rs 122 crore misappropriation case.
The vacation courtroom on Sunday remanded Mehta and his co-accused, Dharmesh Paun, in custody till February 21 because the financial offences wing (EOW) continues investigation.
The case got here to gentle after Devarshi Ghosh, the financial institution’s performing CEO, filed a criticism at Dadar police station on 14 February, alleging that Mehta and his associates conspired to deviate off funds from the financial institution’s Prabhadevi and Goregaon branches. Following this, the FIR was registered within the early hours of Saturday, and given the size of the rip-off, it was later handed over to the EOW.
Authorities have charged the accused underneath sections 316 (5) and 61(2) of the Bharatiya Nyay Sanhita (BNS). Preliminary findings recommended that the fraudulent transactions happened over a five-year interval between 2020 and 2025. The discrepancies within the financial institution’s accounts have been first indicated throughout an inside audit, resulting in the police criticism.
Aftermath of FIR
The Reserve Financial institution of India (RBI) intervened, taking up the financial institution’s board for a yr and appointing an administrator, Shreekant (former chief normal supervisor on the State Financial institution of India), to supervise its affairs.
A ‘committee of advisors,’ comprising former SBI Common Supervisor Ravindra Sapra and Chartered Accountant Abhijeet Deshmukh, has additionally been fashioned to help.
The RBI’s transfer follows its choice to impose restrictions on withdrawals, citing “materials considerations” over failures on the Mumbai-based cooperative financial institution.
The EOW has seized monetary information for forensic auditing to find out the total scale of the fraud and establish any further suspects.