Mumbai: The Mumbai Police have registered a case against Hitesh Praveenchand Mehta, former General Manager of New India Co-operative Bank, for allegedly siphoning ₹122 crore from the bank’s treasury. Mehta, who managed the Dadar and Goregaon branches, is accused of financial fraud between 2020 and 2025, misusing his position to embezzle funds.
The case was registered at Dadar Police Station following a complaint from the bank’s Chief Accounts Officer. Authorities suspect Mehta had an accomplice, and the matter has been transferred to the Economic Offences Wing (EOW) for further investigation. An FIR has been filed under BNS Sections 316(5) and 61(2).
In response to governance concerns, the Reserve Bank of India (RBI) has imposed strict restrictions on the Mumbai-based lender. The central bank has barred New India Co-operative Bank from granting or renewing loans, accepting fresh deposits, or making payments without prior RBI approval.
Additionally, the RBI has superseded the bank’s Board of Directors for 12 months. Former SBI Chief General Manager Shreekant has been appointed as Administrator to oversee operations, assisted by a Committee of Advisors comprising ex-SBI General Manager Ravindra Sapra and Chartered Accountant Abhijeet Deshmukh.
The developments mark a significant regulatory crackdown as authorities tighten oversight on financial misconduct in the banking sector.
