New India Co-Op Bank Scam – Hitesh Mehta started his career as a clerk in New India Co-operative Bank. After several promotions, he became the general manager. He was also the account head of the bank.
Mastermind of the ₹122 Crore Scam
New Delhi. The mastermind of the ₹122 crore scam in New India Co-operative Bank is the then general manager, Hitesh Mehta. Hitesh Mehta, who retired from the bank in October, kept withdrawing money from the bank's locker from the year 2020 to the end of 2024, and the bank did not even get a clue of it. If RBI had not done physical verification, this scam would have remained suppressed. Mumbai Police has arrested Hitesh Mehta.
From Clerk to General Manager
Hitesh Mehta started his career as a clerk in New India Co-operative Bank. After several promotions, he became the general manager. He was responsible for Dadar and Goregaon branches. Being the account head, Mehta used to handle the cash of the bank. In the RBI investigation, ₹112 crore was found missing from the safe of the bank's Prabhadevi office, while ₹10 crore was missing from the safe of the Goregaon office.
How Did He Embezzle?
- Hitesh Mehta was embezzling the bank's money since 2020.
- He was not keeping the money in the safe but was moving it around.
- Mehta has admitted in front of the police that he has given the bank's money to his relatives and acquaintances.
- To avoid suspicion, Mehta was entering the cash in the register, while he was not keeping the money in the safe.
- When RBI officials counted the cash in the main locker of the bank, located on the third floor in the bank's corporate office in Prabhadevi, Mumbai, they found that ₹122 crore was missing.
- The RBI team that went to the Goregaon branch also found less cash in the safe.
- A few hours later, RBI officials called the senior officials of the bank upstairs and revealed the huge difference between the cash kept in the locker and the cash recorded in the register.
Mumbai Police Arrests Hitesh Mehta
New India Co-operative Bank had lodged an FIR against Hitesh Mehta yesterday in connection with embezzlement in the bank. According to the complaint, Mehta conspired with other associates and embezzled ₹122 crore from the safes of the bank's Prabhadevi and Goregaon offices. Mumbai Police arrested Hitesh Mehta on Saturday for allegedly embezzling ₹122 crore from the bank. Mehta was arrested by the Economic Offences Wing (EOW) after questioning him for more than three hours.
