Mumbai Police have booked Hitesh Praveenchand Mehta, former GM of New India Co-op Bank, for allegedly siphoning off Rs 122 crore. Mehta managed the Dadar and Goregaon branches and misused his position between 2020 and 2025.
The case began after a complaint from the bank’s Chief Accounts Officer at Dadar Police Station. Police suspect Mehta had an accomplice. The Economic Offences Wing (EOW) is now investigating.
The Reserve Bank of India (RBI) imposed restrictions on the bank. It can’t grant loans, accept deposits, or make payments without RBI approval. The RBI also replaced the bank’s Board of Directors for 12 months. Shreekant, ex-Chief General Manager of SBI, is the new Administrator, with a Committee of Advisors, including former SBI GM Ravindra Sapra and Chartered Accountant Abhijeet Deshmukh.
Customers are worried. Many gathered outside branches in Mumbai, concerned about their savings and lockers. Account holders are rushing to withdraw funds due to fear of financial instability.
