Bank Scam: Bank Scam: 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.
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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.
Bank Scam: Bank Statements
“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.
Bank Scam: Banks Condition
“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.
Advocate Chandrakant Ambani, who is representing Mehta, said his client was innocent. “It is interesting how the fraud was not discovered till now, neither by the bank nor by auditors, as banks have several audits.
Bank Scam: According to RBI
The development comes two days after the Reserve Bank of India (RBI) enforced a six-month transaction ban on the Mumbai-based bank due to alleged irregularities in its lending practices. On Friday, the central bank superseded the board of the cooperative bank for 12 months, even as scores of panic-stricken customers thronged its branches, desperate to recover their life savings.
Bank Scam: According to Reports
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.
On Thursday, the RBI had issued a notification imposing several restrictions on New India Cooperative Bank. These included granting or renewing any loans, borrowing funds, accepting fresh deposits, and disbursing payments. In another statement on Friday, the RBI said it had taken over the bank’s operations, superseding its board of directors. The central bank appointed Shreekant (who goes by one name), the former chief general manager of the State Bank of India, as New India Cooperative Bank’s administrator for 12 months.
Bank Scam: Official Confirmation
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.
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