New Delhi, Feb. 15 -- New India Co-operative Bank fraud: The Mumbai police arrested Hitesh Pravinchand Mehta, former General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly siphoning Rs.122 crore from the lender. Mehta was arrested by the Economic Offences Wing (EOW) of the Mumbai police after being questioned for more than three hours on February 15.

The ex-GM was called to record his statement before the probe agency at its south Mumbai office concerning the case registered against him and others. Mehta will be produced before a local court on Sunday. On Friday, the Reserve Bank of India (RBI) superseded the cooperative bank's board for 12 months and appointed an administrator to manage its ongoing affairs...