The Economic Offences Wing (EOW), investigating the New India Co-operative Bank (NICB) scam, has recorded statements from the bank’s auditors to understand how the missing funds went undetected. The agency is also verifying whether the NICB cash vault can hold between Rs 130 and Rs 133 crore, as the RBI claimed during an inspection, and if Rs 122 crore was indeed missing on February 12.

EOW sources revealed that the bank has been under RBI supervision since 2019. The RBI flagged multiple irregularities, including a sharp rise in cash in hand, which reportedly peaked at Rs 150 crore without prompting an inspection. During its February 12 review, when the bank’s cash in hand was around Rs 130-Rs 133 crore, the RBI found Rs 112 crore missing from the Prabhadevi branch cash vault and Rs 12 crore unaccounted for at the Goregaon branch.