Mumbai, February 17, 2025 – Hitesh Pravinchand Mehta, the former General Manager of New India Co-operative Bank Limited and the prime accused in a Rs 122 crore fraud case, is set to be produced for a hearing at Mumbai's Holiday Court today. Mehta is alleged to have siphoned off the massive sum during his tenure as the manager of the bank's Dadar and Goregaon branches.
According to the charges, Mehta misused his position of authority to illegally withdraw funds from the accounts of the two branches. The scam, which came to light during an internal audit, has sent shockwaves through the banking sector and raised serious questions about oversight and accountability in cooperative banks.
Investigators revealed that Mehta allegedly manipulated records and exploited loopholes in the system to carry out the fraud over an extended period. The Rs 122 crore scam has left depositors and stakeholders in distress, with many demanding stringent action against those responsible.
The Economic Offences Wing (EOW) of the Mumbai Police, which is handling the case, has been working to trace the misappropriated funds and identify any additional individuals involved in the scheme. Mehta was arrested earlier this month after a detailed probe uncovered his role in the fraudulent activities.
The hearing at the Holiday Court is expected to address the progress of the investigation and determine the next steps in the legal proceedings. The court may also decide on Mehta's bail application, which has been strongly opposed by the prosecution due to the gravity of the offense and the risk of tampering with evidence.
This case has reignited calls for stricter regulations and enhanced monitoring of cooperative banks to prevent such incidents in the future. The Reserve Bank of India (RBI) has also been urged to conduct a comprehensive review of the governance structures in place at cooperative banks across the country.
As the hearing unfolds, all eyes will be on the court's decision and the measures taken to ensure justice for the affected depositors and restore confidence in the banking system.
