Mumbai, April 9: The sessions court has refused to grant bail to Hitesh Mehta, New India Cooperative Bank’s general manager booked for defrauding the bank to the tune of Rs 122 crore, observing that he is alleged to be the prime accused in misappropriation of the bank’s cash deposit amounts.
Court cites primary role in offence
Sessions Judge Vikram R. Jagdale, in the order, said, “It is clear that the applicant is the prime accused in the above offence and clearly reveals complicity of the applicant.”
“Merely because an accused is incarcerated for a long duration of time cannot be a ground to grant bail because one cannot lose sight of the fact that in cases of economic offence it takes time to commence and conclude the trial when there are numerous accused and witnesses,” the court said.
Fraud detected during RBI inspection
The case was registered by an accounting chief executive officer of the bank. It is claimed that on February 12, 2025, RBI officers carried out an inspection at the Goregaon branch. During the inspection, it was revealed that there was a shortfall of Rs 112 crore in the vault of the bank at the Prabhadevi branch.
When the internal inquiry yielded no result, a formal complaint was lodged with the police. Two days later, on February 14, 2025, Mehta was arrested.
Defence claims false implication
While seeking bail, his lawyer, Karan Mehta, contended that the suspect had no nexus with the alleged offence. The defence claimed Mehta was roped in solely based on a co-accused's statement.
It is also alleged that Mehta confessed to the missing cash in writing and on a mobile recording. Refuting the prosecution, the defence relied on an internal audit report: “Physical verification of cash was done by the auditor and the report reflects no deficit in cash amount.”
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Court flags risk of tampering and absconding
Refusing bail, the court said, “Possibility cannot be ruled out that the applicant may tamper with the evidence and flee in order to avoid trial. In light of this, the applicant has failed to make out a case for grant of bail on the ground of parity and prolonged incarceration.”
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