The Enforcement Directorate (ED), Mumbai, has filed a prosecution complaint against Hitesh Mehta and seven others in connection with the alleged embezzlement of around Rs 122 crore from New India Co-operative Bank Limited (NICBL). The complaint was filed before the Special Court under the Prevention of Money Laundering Act (PMLA), 2002, on 14 October 2026.
According to the ED, its investigation, initiated following an FIR registered by Mumbai Police’s Economic Offences Wing (EOW), found that Mehta, the bank’s former General Manager and Head of Accounts, allegedly siphoned off funds by manipulating accounting systems and creating false records of cash transfers between branches.
The agency alleged that former senior bank office-bearers were also involved in the diversion of funds. Approximately Rs 26-30 crore was allegedly transferred to the bank’s former or acting Chairman and Vice-Chairman during the relevant period.
The ED has provisionally attached 33 movable and immovable assets valued at approximately Rs 16.95 crore, with the attachment confirmed by the adjudicating authority.
The Special Court has ordered the issuance of pre-cognizance notices to the accused. The investigation remains ongoing to trace the diverted funds and identify other beneficiaries.
