Overview

• The Economic Offences Wing (EOW) of Mumbai Police is investigating a ₹122 crore scam involving New India Cooperative Bank, with funds allegedly siphoned off between 2020 and 2024.
• Hitesh Mehta, the bank's former General Manager and the main accused, reportedly laundered funds through unidentified trust accounts and hawala operators, paying commissions to accomplices.
• Former CEO Abhimanyu Bhoan, arrested after evading questions, is accused of complicity in the scheme and allowing cash withdrawal limits to be breached during his tenure.
• Developer Dharmesh Paun and solar panel dealer Unnanathan Arunachalam have also been implicated, with Paun receiving ₹70 crore and Arunachalam allegedly absconding with ₹50 crore.
• The Reserve Bank of India has imposed restrictions on the bank’s operations to protect depositors, prohibiting withdrawals and new loans without prior approval.