Case Against New India Co-operative Bank Manager Over Rs 122 Crore Fraud

The Mumbai police have registered a case against the New India Cooperative Bank's General Manager and Head of Accounts along with his associates for allegedly embezzling Rs 122 crore of funds, officials said on Saturday.

The case has been transferred to the Economic Offences Wing (EOW) of the city police for further investigation, an official said.

The Reserve Bank of India (RBI) on Thursday imposed several restrictions on the cooperative bank, including on 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. On Friday, the RBI superseded the lender's board for a year, and appointed an administrator to manage affairs and also appointed a committee of advisors to assist him.