Mumbai Court Denies Bail to Ex-GM of New India Cooperative Bank in ₹122 Crore Scam
Mumbai court denies bail to New India Cooperative Bank ex-GM in ₹122-crore scam
Hindustan Times
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A Mumbai court has denied bail to Hitesh Mehta, the former General Manager of New India Cooperative Bank, who is the prime accused in a ₹122 crore embezzlement case. The court emphasized the seriousness of economic offenses and the lengthy trial process as reasons for the bail denial.
- 01Hitesh Mehta is the prime accused in a ₹122 crore scam involving New India Cooperative Bank.
- 02The court noted that long incarceration cannot justify bail in economic offenses.
- 03Mehta has been in jail since February 2025 and is accused of creating forged records.
- 04The scam was uncovered during a Reserve Bank of India inspection at the bank's office.
- 05The court highlighted the complexity and seriousness of the charges against Mehta.
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A Mumbai court has denied bail to Hitesh Mehta, the former General Manager of New India Cooperative Bank, who is implicated in a ₹122 crore embezzlement case. The court described Mehta as the prime accused, noting that he has been in jail since February 2025. The judge, Vikram Jagdale, stated that the length of incarceration is not a valid reason for bail in economic offenses, emphasizing that trials in such cases can be lengthy due to the number of accused and witnesses involved. Mehta is accused of preparing forged electronic records, including debit notes and bank bonds, to misappropriate funds from the bank's reserves over five years. The scam came to light after an inspection by officers from the Reserve Bank of India at the bank's Prabhadevi office in central Mumbai, where discrepancies of ₹122 crore were discovered.
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This case highlights the ongoing issues of financial misconduct in cooperative banks, affecting public trust in such institutions.
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