Mumbai: Hitesh Mehta, general manager and head of accounts of New India Cooperative Bank, and co-accused Dharmesh Paun were remanded to police custody until February 21 by a Mumbai court in connection with the alleged misappropriation of Rs 122 crore from the bank.
The Economic Offences Wing (EOW) informed the holiday court that Mehta had confessed to the crime before the Reserve Bank of India. Police stated they needed to investigate the potential involvement of additional persons. According to police statements, Mehta’s involvement in the crime has been established, and Paun was found in possession of Rs 70 crore.
The case originated from a complaint filed by Devarshi Ghosh, the bank’s acting chief executive officer, at Dadar police station in central Mumbai on Friday. The complaint alleges that Mehta and his associates conspired to embezzle funds from the bank’s Prabhadevi and Goregaon office safes.
During the remand hearing, police reported that Mehta provided evasive answers regarding the misappropriated amount. They emphasised the need to question him about the potential involvement of other bank employees at locations where he had been posted.
Both Mehta and Paun face charges under sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita, covering criminal breach of trust by bankers and criminal conspiracy.