The economic crimes of Mumbai police on Saturday allegedly arrested Hitesh Mehta, former general manager of the New India Cooperative Bank, and sucked up Rs 122 from the bank. The arrest followed after police filed their first information report in the lawsuit, using complaints filed by another cooperative bank official.
Mehta is taken to the EOW office on Saturday, where authorities question him about the lack of funds. The incident came to light after officials from the Reserve Bank of India conducted spot inspections at various offices of the New India Cooperative Bank on Wednesday and Thursday.
During the inspection, regulators noted the funds lacking in bank safes, according to a copy of the FIR reviewed by NDTV profits, and then Devarshi Shishishirkumar Ghosh, the cooperative lender’s representative director He instructed him to file a police complaint.
RBI announced a strict moratorium at the New India Cooperative Bank, which is in effect from Thursday. Cooperative bank depositors were temporarily restricted from accessing deposits. Usually, when the RBI places the bank under a moratorium, a depositor with a qualifying depositor of up to Rs 5 will be guaranteed to repay it through a deposit insurance credit guarantee company.
On Friday, the RBI announced it would replace the bank’s board of directors and appointed former Indian bank Chief General Manager Shrikant as manager. Administrators appointed to the RBI will be supported by two member advisory committees, also constituted by regulatory authorities.
