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MUMBAI: A case of misappropriation of Rs 122 crore has been registered against the general manager and Head of Accounts of the New India cooperative bank on Saturday.
The case was registered at the Dadar Police station and investigation has been transferred to the EOW.
Devarshi Shishir Kumar Ghosh (48) acting Chief Executive Officer of the bank lodged the FIR. As per the information the crime was committed before February 12.
The place of incident has been stated as the New India Co-operative Bank, S V Nagvekar Marg in Prabhadevi.
Hitesh Mehta (general manager and head of Accounts) had been booked in the case. A Senior EOW officer said no arrest has been made and they are probing it.
The accused and his accomplices, in their capacity as general manager and head accounts of the bank, committed criminal breach of trust and misappropriated the cash of the bank amounting to about Rs 122 crores kept in trust in the safe deposit box of Prabhadevi office and Goregaon office.
RBI imposes moratorium on New India Cooperative Bank over alleged fund misappropriation
Funds belonging to over a lakh depositors and multiple cooperative housing societies remain stuck with New India Cooperative Bank after the Reserve Bank of India (RBI) placed it under moratorium on Thursday. The central bank stated that the restrictions were imposed due to “supervisory concerns” arising from “recent material developments in the bank” and to safeguard depositors’ interests.
The action follows a spot inspection and a complaint filed by the bank’s chief compliance officer with the Economic Offences Wing, alleging misappropriation of funds by staff members. A police source confirmed that a bank official would be summoned to record a statement as part of the ongoing investigation.
In response to concerns over financial mismanagement, the RBI has dissolved the bank’s board and appointed an administrator along with a committee of advisers to oversee operations and work toward restoring stability. Industry insiders speculate that another cooperative bank may step in to take over its operations.
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