Rs 122 Crore Fraud Case: Hitesh Mehta, GM of New India Co-operative Bank, accused of misappropriating Rs 122 crore from the bank’s safe deposit boxes.

INDIA NEWS By Aniket Chakraborty Feb 15, 2025 Arrow

FIR Lodged: Complaint filed by acting CEO Devarshi Ghosh at Dadar police station; case transferred to Economic Offences Wing (EOW).

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RBI Imposes Moratorium: RBI restricts bank operations, suspends withdrawals, and bars new loans due to "supervisory concerns."

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Depositors Affected: Over 1.3 lakh depositors, including housing societies, face frozen funds; 90% have deposits under Rs 5 lakh, covered by insurance.

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Board Dissolved: RBI supersedes bank’s board, appoints administrator Shreekant and advisors to restore stability.

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Spot Inspection Reveals Lapses: Misappropriation discovered during RBI’s spot inspection; chief compliance officer files complaint with EOW.

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Bank’s Financial Decline: Assets drop to Rs 1,175 crore; gross NPAs rise to 7.96% as of March 2024.

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28 Branches Impacted: Mostly located in Mumbai; depositors protest as withdrawals are suspended for six months.

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Historical Background: Bank founded in 1968 by state insurer staff; no community or political affiliations.

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Committee of Advisors: RBI appoints Ravindra Sapra and Abhijeet Deshmukh to assist the administrator in reviving the bank.

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