The Mumbai Police Economic Offences Wing (EOW) has arrested another accused in the Rs 122 crore New India Co-operative Bank scam case. EOW has arrested the developer, a day after former General Manager Hitesh Mehta was arrested. The arrested developer is identified as Dharmesh Paun.
The investigation has revealed that Dharmesh took Rs 70 crore out of the Rs 122 crore embezzled in this case. The EOW said that Dharmesh received Rs 1.75 crore in May and December 2024 and Rs 50 lakh in January 2025 from the main accused GM Mehta.
Yesterday, the police arrested Hitesh Mehta after a long interrogation. Both the accused have been brought and produced in front of the Holiday Court in Mumbai. On February 13, the Reserve Bank of India (RBI) imposed several restrictions on the bank due to irregularities. Following the transaction restrictions the bank’s customers are facing serious problems.
A day after the Reserve Bank of India (RBI) imposed a six-month transaction ban on New India Co-operative Bank Ltd, anxious customers rushed to its branches on Friday, seeking clarity on their deposits. The RBI’s action came in response to irregularities in the bank’s lending practices, triggering concerns among account holders about the safety of their savings.
According to the complaint, this fraud took place between 2020 and 2025. A bank official informed the Economic Offences Wing that irregularities have been found in the bank’s books of account and cash tally. Investigation revealed that there were irregular withdrawals of money in Dadar and Goregaon branches, behind which Hitesh Mehta was said to be involved.