Developer Arrested In Rs 122 Crore New India Co-Operative Bank Scam
Dharmesh Poun, a developer, was apprehended after investigations revealed he received Rs 70 crore of the embezzled funds.
The Economic Offences Wing (EOW) has made another arrest in connection with the Rs 122 crore scam at New India Co-operative Bank, NDTV reported. Dharmesh Poun, a developer, was apprehended after investigations revealed he received Rs 70 crore of the embezzled funds.
According to EOW sources, Poun received payments from the main accused, General Manager Hitesh Mehta, who was arrested on Saturday after extensive questioning. The payments were made in installments, with Rs 1.75 crore disbursed in May and December 2024, and an additional Rs 50 lakh in January 2025.
This arrest follows a series of actions taken against the bank last week. On Friday, the Reserve Bank of India (RBI) superseded the bank's board due to concerns about poor governance. This action came a day after the RBI imposed several restrictions on the bank, including a six-month ban on issuing new loans and suspending deposit withdrawals. These restrictions prompted a large number of the bank's customers to gather at its 28 branches, primarily located in the Mumbai area.
The RBI has appointed Shreekant, a former chief general manager of the State Bank of India (SBI), as the administrator to oversee the bank's operations. A 'Committee of Advisors,' comprising Ravindra Sapra (former General Manager, SBI) and Abhijeet Deshmukh (chartered accountant), has also been appointed to assist the administrator. The bank's board of directors has been superseded for a period of 12 months, according to the RBI's official statement.
The RBI's initial restrictions, implemented on Thursday, included limitations on deposit withdrawals due to supervisory concerns. These measures, along with the subsequent actions, signal the severity of the situation at New India Co-operative Bank and the ongoing efforts to investigate the scam and protect depositors' interests.
