Mumbai police question New India Coop Bank's General Manager for Rs 122 cr 'misappropriation'
Mumbai, Feb 15 (PTI) The Mumbai police are questioning New India Cooperative Bank's General Manager and Head of Accounts, Hitesh Mehta, on Saturday after a case was registered against him and his associates for allegedly embezzling Rs 122 crore of the bank's funds, officials said.
The Reserve Bank of India (RBI) on Friday superseded the cooperative bank's board for a year and appointed an administrator to manage its affairs. A day prior to that, it imposed several restrictions on the lender, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of its depositors.
Based on a complaint against Mehta and others, police registered a case in the wee hours of Saturday, which was then transferred to the Economic Offences Wing (EOW) for investigation, an official said.
"Mehta has been brought to the EOW office in south Mumbai and he is being questioned by its officials," he said.
Acting Chief Executive Officer of the bank, Devarshi Ghosh, on Friday approached the Dadar police station in central Mumbai and lodged a complaint of misappropriation against Mehta and others, he said.
"As per the complaint, Mehta along with other associates hatched a conspiracy and embezzled Rs 122 crore from the safes of Prabhadevi and Goregaon offices of the bank," he said.
Based on the complaint, a case under the Bharatiya Nyaya Sanhita (BNS) sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust), 61(2) (criminal conspiracy) was registered, he said, adding that the case was then transferred to the EOW considering its scope.
New India Cooperative Bank has 28 branches and most of them are located in Mumbai, while two are in Surat in neighbouring Gujarat and one in Pune.
The RBI's action against the bank triggered panic among its customers, who thronged its branches since morning on Friday hoping to access their savings, but were denied entry into the premises.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
KSCA expresses disappointment over missing IPL playoffs, says it was ready to host matches in B’luru
Bengaluru: The Karnataka State Cricket Association (KSCA) has issued a clarification stating that it was fully prepared to host the IPL playoffs and final matches in Bengaluru but the fixtures were allotted to other venues.
In a media note, KSCA said it was disappointed with the decision. The association stated that its president, former India cricketer Venkatesh Prasad, had been in touch with the Board of Control for Cricket in India (BCCI) and had formally conveyed the association’s readiness and interest in hosting the matches at the M. Chinnaswamy Stadium.
KSCA said the IPL matches held in Bengaluru this season were appreciated for smooth conduct, crowd management and overall experience for spectators. It said this reflected its ability to handle high-profile matches.
The association also stated that it had sent a detailed communication to the BCCI explaining its preparedness and the operational arrangements followed during the current IPL season. According to KSCA, these systems have been in place since the start of the Indian Premier League in 2008 and were followed consistently, including during previous playoff matches hosted in Bengaluru.
The clarification added that the communication sent to the BCCI was only meant to provide factual and operational details and to bring clarity on logistical and stakeholder-related requirements involved in hosting such matches.
KSCA said that although it had shown willingness and preparedness, the BCCI has decided to allocate the playoff matches to other venues. It added that the reasons for this decision have not been formally shared with the association, but it respects the authority of the board in taking such decisions.
The association further said it remains ready to host matches of national and international importance and will continue to cooperate with the BCCI, franchises, government authorities and other stakeholders for conducting cricket events.
The statement was issued by KSCA official spokesperson Vinay Mruthyunjaya, who also thanked the media and cricket fans for their continued support.
