India, Feb. 16 -- A Mumbai holiday court on Sunday 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 funds from the bank.

Mehta, 57, is accused of withdrawing Rs.122 crore from the lender's Prabhadevi and Goregaon branches.

He has allegedly confessed to the crime and told the police he had been taking cash from the bank's safes since the pandemic.

The alleged fraud came to light earlier this week on Wednesday after a team of the Reserve Bank of India (RBI) went for an audit of New India Cooperative Bank's Prabhadevi head office.

"They asked all senior officers of the bank to be present at the time of the audit a...