<p>Mumbai: The <a href="https://www.deccanherald.com/tags/mumbai-police">Mumbai Police</a> have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling Rs 122 crore of funds, officials said on Saturday.</p>.<p>The case has been transferred to the Economic Offences Wing (EOW) of the city police for further investigation, an official said.</p>.<p>The Reserve Bank of India (RBI) on Thursday imposed several restrictions on the cooperative bank, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of its depositors. </p><p>On Friday, the RBI superseded the lender's board for a year and appointed an administrator to manage affairs and also appointed a committee of advisors to assist him.</p>.<p>The police official said, "Acting Chief Executive Officer of the bank, Devarshi Ghosh, on Friday approached the Dadar police station in central Mumbai and lodged a complaint of misappropriation of funds." </p>.RBI supersedes board of Mumbai-based New India Co-op Bank.<p>"As per the complaint, the bank's general manager and head of accounts, Hitesh Mehta, along with other associates hatched a conspiracy and embezzled Rs 122 crore from the money kept in the safes of Prabhadevi and Goregaon offices of the bank," he said.</p>.<p>Based on the complaint, a case under the Bharatiya Nyaya Sanhita (BNS) Sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust), 61(2) (criminal conspiracy) was registered against Mehta and others, he said.</p>.<p>Considering the scope of the investigation, the case was then transferred to the EOW, he said, adding that the agency has launched a probe.</p>.<p>Most of the 28 branches of this cooperative bank are located in the Mumbai megapolis, and it also has two branches at Surat in neighbouring Gujarat and one in Pune.</p>.<p>The RBI's action against the bank triggered panic among its customers, who thronged its branches since morning on Friday hoping to access their savings but were denied entry into the premises.</p>
<p>Mumbai: The <a href="https://www.deccanherald.com/tags/mumbai-police">Mumbai Police</a> have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling Rs 122 crore of funds, officials said on Saturday.</p>.<p>The case has been transferred to the Economic Offences Wing (EOW) of the city police for further investigation, an official said.</p>.<p>The Reserve Bank of India (RBI) on Thursday imposed several restrictions on the cooperative bank, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of its depositors. </p><p>On Friday, the RBI superseded the lender's board for a year and appointed an administrator to manage affairs and also appointed a committee of advisors to assist him.</p>.<p>The police official said, "Acting Chief Executive Officer of the bank, Devarshi Ghosh, on Friday approached the Dadar police station in central Mumbai and lodged a complaint of misappropriation of funds." </p>.RBI supersedes board of Mumbai-based New India Co-op Bank.<p>"As per the complaint, the bank's general manager and head of accounts, Hitesh Mehta, along with other associates hatched a conspiracy and embezzled Rs 122 crore from the money kept in the safes of Prabhadevi and Goregaon offices of the bank," he said.</p>.<p>Based on the complaint, a case under the Bharatiya Nyaya Sanhita (BNS) Sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust), 61(2) (criminal conspiracy) was registered against Mehta and others, he said.</p>.<p>Considering the scope of the investigation, the case was then transferred to the EOW, he said, adding that the agency has launched a probe.</p>.<p>Most of the 28 branches of this cooperative bank are located in the Mumbai megapolis, and it also has two branches at Surat in neighbouring Gujarat and one in Pune.</p>.<p>The RBI's action against the bank triggered panic among its customers, who thronged its branches since morning on Friday hoping to access their savings but were denied entry into the premises.</p>