Mumbai: In a major development in the ₹122 crore embezzlement case at New India Cooperative Bank, sources have revealed that the bank's General Manager and Head of Accounts, Hitesh Mehta, has confessed to the fraud before Reserve Bank of India (RBI) officials.
According to sources, Mehta admitted to withdrawing money from the bank since the COVID-19 period and distributing it among his close associates and friends.
Following this confession, the Economic Offences Wing (EOW) took Mehta into custody for further investigation.
During an audit, the RBI discovered discrepancies in the bank’s cash reserves—₹112 crore missing from the Prabhadevi branch vault and ₹10 crore from the Goregaon branch vault. The investigation is ongoing, and further revelations are expected.
