In a significant development in the case of New India Co-operative Bank embezzlement, the Economic Offenses Wing (EOW) of the Mumbai Police conducted a polygraph test to Hitesh Mehta, former general manager of the bank and head of the accounts, on Tuesday, said that on Tuesday, PTI,
Mehta is a primary suspect in alleged misconduct 122 crore from bank reserves over five years.
The investigation of the bank’s financial discrepancies began when the internal audit revealed the lack of adequate cash in the smugglers of Prabhadevi and Goregaon branches.
Subsequent inspections by Reserve Bank of India (RBI) exposed the deficit 112 crore in Prabhadevi branch 10 crore in Goregaon branch. These findings inspired the RBI to impose an administrator to impose operations on the bank and take care of its functions.
As Professional standardHitesh Mehta was caught after allegations last month that he and his colleagues had planned to embezzle money from the bank.
It is believed that the alleged fraud took place between 2019 and 2024, during which Mehta took over the position of significant rights within the institution.
Bank’s financial stability affected
To pursue its investigation, EOW sought and received the court permission to conduct a polygraph test on Mehta. The test, commonly known as a lie detector test, was administered in the State-Interacted Forensic Science Laboratory (FSL) located in Kalina, Mumbai.
The case of embezzlement has greatly influenced the financial stability and reputation of the New India Co-operative Bank. The depositors have expressed concern over the safety of their money, which has increased investigation from regulatory bodies.
As the investigation proceeds, the EOV is expected to file a detailed charge sheet outlining the conclusions against Mehta and any co-speculators. The results of polygraph tests and other investigative measures have not yet been known and potentially affecting allegations and punishments that can be imposed.
