A Mumbai court has remanded Hitesh Mehta, the general manager and head of accounts of the New India Cooperative Bank, in police custody till February 21 in a case of alleged misappropriation of Rs 122 crore from the bank. As per the police, Devarshi Ghosh, the bank’s acting chief executive officer, lodged a complaint against Mehta and others at Dadar police station in central Mumbai on Friday for alleged misappropriation of the bank’s funds. Based on the complaint, the police registered a case in the wee hours of Saturday, and the probe was transferred to the EOW.A case under sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust) and 61(2) (criminal conspiracy) of the Bharatiya Nyay Sanhita has been registered.According to the FIR, Mehta, along with his associates, misappropriated Rs 122 crore from the money kept in the vaults at the bank’s Prabhadevi and Goregaon branches.According to the FIR, Mehta has been removing cash from the vaults since the pandemic period and had not been maintaining a proper record of the vaults. The fraud, which allegedly took place between 2020 and 2025, was detected when discrepancies appeared in the bank’s financial records. An internal audit flagged concerns over missing funds, prompting a police investigation, the Mumbai police added. The alleged fraud case emerged after the Reserve Bank of India (RBI) on Friday superseded the cooperative bank’s board for a year and appointed an administrator to manage its affairs. A day prior to that, it imposed several restrictions on the lender, including on the withdrawal of funds by depositors, citing supervisory concerns emanating from the recent material developments in the bank, and to protect the interest of its depositors.