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A scam at New India Cooperative Bank in Maharashtra revealed that former General Manager Hitesh Mehta embezzled Rs 122 crore, instructing employees to withdraw Rs 50 lakh at a time from the bank’s vault
RBI investigation revealed a discrepancy of Rs 122 crore from two of the bank’s vaults. (News18 Hindi)
A shocking revelation has surfaced concerning the embezzlement of funds from the New India Cooperative Bank in Maharashtra. Serious allegations have been levied against the bank’s former General Manager, Hitesh Mehta.
It is reported that he instructed his two employees to withdraw Rs 50 lakh at a time from the bank’s vaults and hand it over to individuals he sent to the bank, according to police officials. This revelation has raised concerns about the safety of the public’s money deposited in the bank.
Mehta and real estate developer Dharmesh Paun have been in custody since February 16 in connection with the alleged embezzlement of Rs 122 crore from the bank, which was revealed after an investigation by the Reserve Bank of India.
“Mehta, as the bank’s custodian, had access to the vault. Statements from two bank employees were recorded, detailing how they distributed cash to individuals sent by Mehta. These employees, now witnesses in the case, disclosed that they provided cash totalling Rs 50 lakh to numerous individuals on multiple occasions,” a police officer said.
He stated that the investigation has thus far revealed that a former bank employee had written a letter to the RBI regarding the current situation. He added that this information is being confirmed with the RBI. The officer stated that officials were aware of the bank’s unfavourable condition, as the NPA is increasing due to the distribution of funds to ineligible individuals.
“In light of the bank’s condition over the past two years, an investigation is underway to determine why the misuse of funds was not identified in the audit. Statements are being taken from those involved in conducting the audit,” the officer said.
According to reports, the missing funds amounted to Rs 138 crore in cash. However, the Reserve Bank of India’s (RBI) investigation revealed a discrepancy of Rs 122 crore from two of the bank’s vaults. The Economic Offences Wing (EOW) is currently investigating whether the funds were stolen in a single incident.
The official confirmed that Abhijit Deshmukh, a partner at a chartered accountancy firm involved in the bank’s audit, provided a statement to the Economic Offences Wing at the South Mumbai Commissionerate.
“The statement of the bank’s former Chief Executive Officer (CEO), Abhimanyu Bhoan, was recorded on Wednesday. He has been summoned again today in connection with the investigation,” the officer said on Thursday.
Meanwhile, the accused, Unnathan Arunachalam, also known as Arun Bhai, who received Rs 50 crore from Mehta, remains at large.
