The Economic Offences Wing (EOW) of the Mumbai Police is currently investigating an alleged embezzlement case involving Rs 122 crore at New India Cooperative Bank. According to PTI, the bank’s former general manager, Hitesh Mehta, would reportedly call two staff members and instruct them to withdraw large sums of cash from the bank's safes to be handed over to individuals sent by him.

Police officials have stated that Mehta, along with real estate developer Dharmesh Paun, has been in custody since Sunday in connection with the fraudulent transactions. The financial irregularities came to light following an inspection conducted by the Reserve Bank of India (RBI).