A Mumbai court has denied bail to Hitesh Mehta, former general manager and head of accounts at New India Co-operative Bank, in connection with a ₹122-crore embezzlement case.
The ruling was delivered on October 18 by Additional Chief Judicial Magistrate Abhijit R. Solapure, who called the allegations “grave” and involving “huge amounts.”
The court noted that the chargesheet clearly outlines Mehta’s role, including withdrawing cash and circulating it through transfers to other accused persons.
The defense argued that there was an unexplained delay in filing the FIR and that Mehta’s February 2025 affidavit confession was coerced, claiming his lie-detector test violated Supreme Court guidelines.
Rejecting these claims, the court said there was sufficient evidence even without the test results and stressed the need for a forensic audit to trace the flow of funds.
The magistrate further observed that releasing Mehta could risk tampering with evidence or obstructing the investigation, warranting continued custody.
The bail denial follows the exposure of a major banking fraud, which prompted the RBI to intervene, restricting withdrawals and placing the bank under closer supervision to safeguard depositors.
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