Court Denies Bail to Key Accused in Rs 122 Crore Bank Embezzlement Scandal
Hitesh Mehta, the former general manager of New India Co-Operative Bank, has been denied bail in the Rs 122-crore embezzlement case. The court cited the substantial monetary nature of the allegations and concerns about evidence tampering. The case unfolded following a Reserve Bank of India investigation that unveiled significant financial discrepancies.
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The court has denied bail to Hitesh Mehta, the primary suspect in the Rs 122-crore embezzlement case involving New India Co-Operative Bank. Mehta, the bank’s former general manager, is accused of diverting funds over a five-year period.
Additional Chief Judicial Magistrate Abhijit R Solapure rejected the bail plea, highlighting the severe charges and financial magnitude involved. The court asserted that the chargesheet distinctly outlines Mehta’s role in the crime, including transferring funds to other suspects.
The allegations emerged after a Reserve Bank of India inspection revealed a cash shortfall, prompting further investigation. Mehta’s defense raised concerns about procedural delays and contested evidence, but the court maintains there is substantial proof supporting the charges.
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