India, April 8 -- In a fresh development in the Rs.122 crore New India Cooperative Bank scam, the Matunga police have registered a First Information Report (FIR) following a complaint filed by the Konkan Railway Region (Urban) Cooperative Credit Society. The complaint alleges a Rs.2.40 crore loan fraud involving 48 borrowers who posed as Konkan Railway Corporation Ltd (KRCL) employees, the society's former president, and unidentified officials.

According to police, the complaint was filed by Sachidanand Shetty, 62, the current administrative director of the credit society. The fraud came to light after Shetty conducted an internal review and alerted the Economic Offences Wing (EOW) of the Mumbai police.

The credit society had partnered ...