The Economic Offences Wing (EOW) of Mumbai Police made another arrest on Friday in the New India Co-operative Bank scam. Former CEO Abhimanyu Bhoan has been taken into custody, making him the third accused in the ₹122 crore embezzlement case.
The authorities suspect Bhoan’s involvement in mismanagement and fraudulent transactions. Further investigation is underway, and officials suspect that more arrests may follow. [Source: Free Press Journal]
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What actually happened?
New India Co-operative Bank’s general manager Hitesh Mehta has been accused of misappropriating a total of ₹122 crore in cash from the bank's safe.
Already, the EOW had arrested Hitesh Mehta and developer Dharmesh Paun after an allegation of misappropriation of funds came to light following an inspection by the Reserve Bank of India.
According to reports, Bhoan was called to record his statement on Thursday and Friday. After his role in the scam became apparent during the interrogation, he was arrested late Friday night.
“Considering the bank's present liquidity position, the bank has been directed not to allow withdrawal of any amount from savings bank or current accounts or any other account of a depositor," the RBI declared in its announcement.
RBI banned withdrawals by deposits of the bank but allowed it to set off loans against deposits, subject to certain conditions.
The bank can also incur expenses on staff salaries, rent, and electricity bills.
"These directions are necessitated due to supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of depositors of the bank," RBI stated.
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