New India Coop Bank Scam: Ex-GM’s Phone Calls to Staff for Safecracking
In a shocking turn of events, the former General Manager of New India Coop Bank, Mehta, and real estate developer Dharmesh Paun, have been in custody in Mumbai. The statement of the bank's former CEO, Abhimanyu Bhoan, sheds light on the intricate details
New India Coop BankFinancial ScamMehtaDharmesh PaunMumbai PoliceReal Estate MumbaiFeb 21, 2025
The ex-General Manager, Mehta, has been apprehended, along with real estate developer Dharmesh Paun, for their alleged involvement in a series of fraudulent activities.
The duo has been in custody, and their case has gained significant attention in the financial circles of Mumbai.
Abhimanyu Bhoan, the former CEO of the bank, has provided crucial insights into the scam.
According to Bhoan, Mehta would often call bank staff members and instruct them to take cash out from the safes.
These unauthorized withdrawals were carried out under the guise of various pretexts, often leaving the staff members feeling coerced and intimidated.
The modus operandi of the scam involved a complex network of individuals, including bank employees and external accomplices.
Mehta and Paun are accused of using the ill-gotten funds to finance various real estate projects and personal expenses.
The extent of the financial loss is still being calculated, but early estimates suggest that the bank has suffered a significant blow.
The New India Coop Bank, founded in 1965, has a long history of serving the financial needs of its community.
With a network of branches spread across Mumbai, the bank is known for its commitment to transparency and customer satisfaction.
However, this recent scandal has cast a shadow over its reputation.
The bank's management is now focusing on restoring trust and ensuring the implementation of stringent security measures to prevent such incidents in the future.
The Mumbai Police have been proactive in their investigation, and multiple arrests have been made.
The forensic team is conducting a thorough analysis of the bank's financial records to trace the flow of funds and identify all individuals involved in the scam.
The investigation is also expected to uncover any potential lapses in the bank's internal security protocols.
The case has also raised serious concerns about the regulatory oversight in the banking sector.
Financial regulatory bodies, such as the Reserve Bank of India (RBI), are under pressure to ensure that such fraudulent activities are detected and prevented.
The RBI has issued directives to all cooperative banks to strengthen their internal controls and reporting mechanisms.
In the meantime, the New India Coop Bank has initiated a series of measures to address the concerns of its customers and stakeholders.
The bank has set up a helpline to provide assistance and information to affected customers.
Additionally, a task force has been formed to review the bank's security policies and recommend improvements.
The aftermath of this scandal has also led to a broader discussion on the ethical responsibilities of financial institutions.
There is a growing call for more stringent regulations and better oversight to protect the interests of customers and maintain the integrity of the financial system.
As the investigation continues, the New India Coop Bank remains committed to transparency and accountability.
The bank's management is working tirelessly to rectify the situation and ensure that such a breach of trust does not occur again.
The focus is now on rebuilding the bank's reputation and restoring the confidence of its customers and the community it serves.
Frequently Asked Questions
Who are the main individuals involved in the New India Coop Bank scam?
The main individuals involved in the scam are the former General Manager, Mehta, and real estate developer Dharmesh Paun.
What was the modus operandi of the scam?
The modus operandi involved Mehta calling bank staff and instructing them to take cash out from the safes under various pretexts.
What measures has the New India Coop Bank taken to address the concerns of its customers?
The bank has set up a helpline for affected customers and formed a task force to review and improve security policies.
How has the Reserve Bank of India (RBI) responded to this scam?
The RBI has issued directives to all cooperative banks to strengthen their internal controls and reporting mechanisms.
What is the estimated financial loss from the scam?
The exact financial loss is still being calculated, but early estimates suggest a significant impact on the bank.
Related News Articles
Arvind SmartSpaces Ltd Sees Impressive Growth with 49% YoY Increase in Bookings
Arvind SmartSpaces Limited announces its Q1 FY25 financial results, boasting a 49% YoY growth in bookings and a 21% increase in collections.
PCMC Contract Worker Arrested in Bribery Case: Water Inspector Remains at Large in Pune
In a significant development, a PCMC contract worker has been arrested in a bribery case, while the water inspector remains on the run. The incident has raised concerns about corruption in public services in Pune, a city known for its rapid growth in real
Country Garden's Sales Decline Deepens in January, Adding to Troubles
Country Garden, one of China's largest real estate developers, has reported a significant drop in sales for January, exacerbating the company's ongoing challenges in the volatile property market.
Alt, the Holding Company for Property Share, to Raise Rs 2.8K Cr in New Funding
Mumbai: Alt, the holding company for Property Share, a leading platform in fractional real estate ownership, is set to raise Rs 2.8K crore. This move is expected to further boost the company's market presence and expand its innovative real estate solution
Pune Real Estate: Property Registrations Decline but Stamp Duty Collections Remain Stable
Pune's real estate market witnessed an 8% Year-on-Year decline in property registrations in January 2025, with a total of 16,330 properties registered. Despite this, stamp duty collections remained steady at ₹590 crore.
Good News! State Government Plans Cancer Hospital in Pune Amid Growing Patients
The state government has announced plans to build a specialized cancer hospital in Pune, a city with a rapidly growing population and increasing number of cancer patients. This move is expected to significantly enhance healthcare services and provide much