₹122 Crore Fraud Uncovered at New India Cooperative Bank

Authorities investigate missing funds, arrest key suspects, and summon auditors after discrepancies in cash reserves are revealed.

The Economic Offences Wing (EOW) uncovered a ₹122 crore cash fraud at New India Cooperative Bank, with discrepancies found during an RBI inspection on February 12, 2025.
Former General Manager Hitesh Mehta is accused of siphoning off ₹122 crore between 2020 and 2025, exploiting his position to misappropriate funds.
The bank's vaults, with a combined capacity of ₹20 crore, falsely recorded ₹133.41 crore in cash holdings, while only ₹11.13 crore was physically present.
Six auditing firms that reviewed the bank's accounts between 2019 and 2024 have been summoned for questioning regarding their role in verifying the bank's financial statements.
The Reserve Bank of India has superseded the bank's board for a year, imposed restrictions on withdrawals, and appointed an administrator to manage its affairs.