Overview

• The Economic Offences Wing (EOW) of Mumbai Police is seeking court permission to conduct a polygraph test on Hitesh Mehta, the primary accused in the ₹122 crore New India Cooperative Bank scam.
• Mehta allegedly siphoned off funds from the bank's cash vaults between 2020 and 2024, but discrepancies in his statements about the money's usage have prompted further investigation.
• Mehta claims to have given ₹70 crore to builder Dharmesh Paun for a slum rehabilitation project and ₹40 crore to a businessman identified as Arun Bhai, but both recipients have provided conflicting accounts of the transactions.
• The scam was uncovered during an RBI inspection on February 12, 2025, which revealed missing funds, raising questions about how the embezzlement went unnoticed by auditors for years.
• Authorities have issued a lookout notice for Arun Bhai, who remains at large, and are scrutinizing bank employees, auditors, and CCTV footage to trace the money trail.