India, Feb. 16 -- The Economic Offences Wing (EOW) of the Mumbai Police on Saturday arrested a senior accounts executive of New India Cooperative Bank for allegedly siphoning off around Rs.122 crore in cash from the lender's Prabhadevi and Goregaon branches, officials said.

The accused, identified as Hitesh Mehta, 57, 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 was discovered on Wednesday when a Reserve Bank of India (RBI) team went for an audit to New India Cooperative Bank's Prabhadevi head office, officials said.

"We have arrested Hitesh Pravinchand Mehta, 57, a resident of Dahisar who worked as General Manager, Accounts, with the bank," said...