Rs 122 Crore Fraud: Court Sends Bank GM and Developer to Judicial Custody
Mumbai: Hitesh Mehta, General Manager and head of accounts at the New India Cooperative Bank, and real estate developer Dharmesh Paun, both arrested in the Rs 122 crore embezzlement case, were sent to judicial custody by a court on Thursday.
FraudJudicial CustodyNew India Cooperative BankEmbezzlementEconomic OffencesReal Estate MumbaiFeb 27, 2025
The court sent the duo to judicial custody.
The accused were to be produced on Friday when their police custody was to end, but the Economic Offences Wing (EOW) sought an extension for further investigation.
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Frequently Asked Questions
What is the Rs 122 crore fraud case about?
The Rs 122 crore fraud case involves the embezzlement of funds from the New India Cooperative Bank. Hitesh Mehta, the General Manager, and Dharmesh Paun, a real estate developer, along with the bank's ex-CEO Abhimanyu Bhoan, have been arrested in connection with the fraud.
Who are the individuals arrested in this case?
The individuals arrested in this case are Hitesh Mehta, General Manager and head of accounts at the New India Cooperative Bank; Dharmesh Paun, a real estate developer; and Abhimanyu Bhoan, the ex-CEO of the bank.
Why were Hitesh Mehta and Dharmesh Paun sent to judicial custody?
Hitesh Mehta and Dharmesh Paun were sent to judicial custody because the Economic Offences Wing (EOW) sought an extension for further investigation into the Rs 122 crore embezzlement case.
What is the role of the Economic Offences Wing (EOW) in this case?
The Economic Offences Wing (EOW) is responsible for investigating financial crimes and economic offenses. In this case, the EOW is leading the investigation into the Rs 122 crore embezzlement and has played a crucial role in the arrest of the accused.
What measures is the New India Cooperative Bank taking in response to the fraud?
The New India Cooperative Bank has issued a statement expressing its commitment to transparency and cooperation with the authorities. The bank is also taking necessary measures to ensure the integrity and stability of its operations.
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