Mumbai Court Denies Bail to Ex-Bank GM in Rs 122 Crore Fraud Case

In a significant legal development, a Mumbai court has refused to grant bail to Hitesh Mehta, the former General Manager of New India Cooperative Bank, implicating him as the main accused in a Rs 122 crore fraud case. The court cited the procedural length of economic crime trials as a basis for its decision.

Mehta, who assumed the role of General Manager and Head of Accounts, has been accused of fabricating electronic records to divert funds from the bank's reserves over the past five years. The court articulated that his prolonged detention should not be a factor in granting bail in such complex financial cases.

The embezzlement case gained traction following an RBI inspection that revealed a cash shortfall at the bank's Mumbai branches, leading to the discovery of a larger misappropriation scheme. Despite being jailed since February 2025, Mehta's request for bail remains denied due to the gravity and scope of the charges.