<p>Mumbai: A court here on Sunday remanded Hitesh Mehta, the general manager and head of accounts of the New India Cooperative Bank, and co-accused Dharmesh Paun in police custody till February 21 in a case of alleged misappropriation of Rs 122 crore from the bank.</p><p>The police's Economic Offences Wing (EOW) produced Mehta and Paun before a holiday court here.</p><p>Police told court Mehta has confessed to the crime in front of the Reserve Bank of India and probe was needed to find out about involvement of more persons.</p> .EAM Jaishankar, Omani counterpart discuss cooperation in trade, investment, energy security.<p>The involvement of Mehta in the crime has been established, police said.</p><p>Paun was in possession of Rs 70 crore and his involvement in the crime too has been confirmed, police told court while seeking remand of the duo.</p><p>As per the police, Devarshi Ghosh, the bank's acting chief executive officer, lodged a complaint against Mehta and others at Dadar police station in central Mumbai on Friday for alleged misappropriation of the bank's funds.</p><p>Based on the complaint, the police registered a case in the early hours of Saturday, and the probe was transferred to the Economic Offences Wing of Mumbai police.</p><p>The complainant alleged Mehta and his associates hatched a conspiracy and embezzled Rs 122 crore from the safes of the Prabhadevi and Goregaon offices of the bank.</p> .<p>Police, while seeking remand, told court Mehta was giving evasive answers about the misappropriated amount.</p><p>It was necessary to question Mehta regarding the involvement of others, including bank employees at places where the accused was posted, police told court.</p><p>The funds involved are public deposits, and a large number of people are affected by the accused's actions, police said, adding a thorough probe was needed since it was a serious offence.</p> .<p>Mehta and Paun have been charged under sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust) and 61(2) (criminal conspiracy) of Bharatiya Nyaya Sanhita.</p><p>The Reserve Bank of India (RBI) on Friday superseded the cooperative bank's board for a year and appointed an administrator to manage its affairs.</p><p>A day prior to that, it imposed several restrictions on the lender, including on the 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>Mumbai: A court here on Sunday remanded Hitesh Mehta, the general manager and head of accounts of the New India Cooperative Bank, and co-accused Dharmesh Paun in police custody till February 21 in a case of alleged misappropriation of Rs 122 crore from the bank.</p><p>The police's Economic Offences Wing (EOW) produced Mehta and Paun before a holiday court here.</p><p>Police told court Mehta has confessed to the crime in front of the Reserve Bank of India and probe was needed to find out about involvement of more persons.</p> .EAM Jaishankar, Omani counterpart discuss cooperation in trade, investment, energy security.<p>The involvement of Mehta in the crime has been established, police said.</p><p>Paun was in possession of Rs 70 crore and his involvement in the crime too has been confirmed, police told court while seeking remand of the duo.</p><p>As per the police, Devarshi Ghosh, the bank's acting chief executive officer, lodged a complaint against Mehta and others at Dadar police station in central Mumbai on Friday for alleged misappropriation of the bank's funds.</p><p>Based on the complaint, the police registered a case in the early hours of Saturday, and the probe was transferred to the Economic Offences Wing of Mumbai police.</p><p>The complainant alleged Mehta and his associates hatched a conspiracy and embezzled Rs 122 crore from the safes of the Prabhadevi and Goregaon offices of the bank.</p> .<p>Police, while seeking remand, told court Mehta was giving evasive answers about the misappropriated amount.</p><p>It was necessary to question Mehta regarding the involvement of others, including bank employees at places where the accused was posted, police told court.</p><p>The funds involved are public deposits, and a large number of people are affected by the accused's actions, police said, adding a thorough probe was needed since it was a serious offence.</p> .<p>Mehta and Paun have been charged under sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust) and 61(2) (criminal conspiracy) of Bharatiya Nyaya Sanhita.</p><p>The Reserve Bank of India (RBI) on Friday superseded the cooperative bank's board for a year and appointed an administrator to manage its affairs.</p><p>A day prior to that, it imposed several restrictions on the lender, including on the 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>