New India Cooperative Bank Ex-GM Accused of Rs 122 Crore Fraud

Mumbai police have registered a case against Hitesh Mehta, former general manager and head of accounts of New India Cooperative Bank, for allegedly embezzling Rs 122 crore. The fraud, which occurred between 2020 and 2025, involved misappropriating funds from the bank's Prabhadevi and Goregaon branches. This development comes just days after the Reserve Bank of India (RBI) imposed restrictions on the bank's operations, including withdrawal limits for depositors. The RBI has also superseded the bank's board, appointing an administrator to manage its affairs. The case has been transferred to the Economic Offences Wing for further investigation.
Source: Times of India, Indian Express, NDTV