MUMBAI: The former general manager of New India Coop Bank, Hitesh Mehta, would regularly contact two employees, directing them to distribute Rs 50 lakh per instance from the bank’s vaults to his designated individuals, according to police sources.
Following an RBI inspection that revealed an alleged Rs 122 crore misappropriation from the bank, both Mehta and property developer Dharmesh Paun have remained in detention since Sunday.
Mumbai police’s Economic Offences Wing is currently investigating the matter.
“Mehta had access to the bank’s safes as he was the custodian. The statements of two bank staffers have been recorded. They have said how they used to give cash to those sent by Mehta. These bank staffers, who are witnesses in the case, have said they handed Rs 50 lakh cash more than once to several persons,” the official said on Thursday.
The investigation has revealed that an ex-staff member of the financial institution had sent a communication to RBI regarding the ongoing circumstances, the official mentioned, whilst noting that this detail is under verification with RBI.
Officials had knowledge about the bank’s poor condition as bad loans were increasing after funds were distributed to unsuitable borrowers, as per the official’s statement.
“Considering the bank’s situation in the last two years, we are probing why the misappropriation of funds was not pointed out in audits. We have started recording statements of those who conducted the audits. While cash as per the books was Rs 138 crore, an RBI inspection found Rs 122 crore of this missing from two safes of the bank. The EOW is verifying if the money went missing at one go,” the official said.
The Economic Offences Wing (EOW) recorded the statement of Abhijeet Deshmukh at their south Mumbai commissionerate. Deshmukh, who is a partner at the chartered accountancy firm responsible for conducting the bank’s audit, was questioned by the officials.
“The statement of the bank’s former CEO Abhimanyu Bhoan was recorded on Wednesday, He was called again today as part of the probe. Meanwhile, accused Unnathan Arunachalam alias Arun Bhai, to whom Mehta gave Rs 50 crore, is still absconding,” the official said on Thursday.