EOW Takes GM Hitesh Mehta Into Custody As Investigation Deepens Into New India Cooperative Bank

The EOW team took Mehta into custody and reached the EOW office. The arrest took place after the authorities investigated the Aryavrat society. 

Mehta has been accused of embezzling Rs 122 crore from the Mumbai-based bank. A case was registered against him on the basis of a complaint filed by the bank’s Chief Accounts Officer at Dadar police station.

Source : PTI

Authorities have unveiled a discovery in the New India Cooperative Bank investigation. The Economic Offences Wing (EOW) of the Mumbai Police detained the bank’s general manager Hitesh Mehta, on Saturday.

The EOW team took Mehta into custody and reached the EOW office. The arrest took place after the authorities investigated the Aryavrat society. 

Mehta has been accused of embezzling Rs 122 crore from the Mumbai-based bank. A case was registered against him on the basis of a complaint filed by the bank’s Chief Accounts Officer at Dadar police station.

The complaint alleges that the former general manager withdrew Rs 122 crore from the treasury from the Dadar and Goregaon branches of the bank. Mehta was responsible for overseeing these branches during his tenure. The fraud allegedly took place between 2020 and 2025. Mehta was expected to retire in 2026.

RBI Imposes Restrictions On New India Cooperative Bank

The arrest comes after the Reserve Bank of India (RBI) imposed multiple restrictions on the bank on Thursday and barred depositors from withdrawing their funds from the lender, citing supervisory concerns. The central bank also superseded the lender's board on Friday, attributing it to poor governance standard. 

As part of these restrictions, the regulator said that the bank is not allowed to renew or disburse loans and advances. As such, a large number of bank customers gathered outside the bank's branches in Mumbai, expressing anger and concern about their savings. 

The RBI also appointed Shreekant, a former chief general manager at the State Bank of India (SBI) as Administrator to oversee the affairs of the New India Cooperative Bank. "The Board of Directors of New India Co-operative Bank, Mumbai, has been superseded for 12 months. It has also appointed a ‘Committee of Advisors’ to assist the Administrator in discharging his duties. The members of the Committee of Advisors are Ravindra Sapra (former General Manager, SBI) and Abhijeet Deshmukh (chartered accountant). The action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank