Mumbai Police Arrest Builder and Bank Manager in Rs 122 Crore Fraud Case
Mumbai Police’s Economic Offences Wing (EOW) has arrested builder Dharmesh Jayantilal Paun and Hitesh Mehta, the general manager of New India Citizen Cooperative Bank, in connection with a massive Rs 122 crore fraud case. Officials allege that Mehta, along with an unidentified accomplice, misused his position at the bank to siphon off funds between May 2019 and January 2025.
Investigations revealed that a significant portion of the fraudulently acquired money, amounting to Rs 70 crore, was transferred to Paun. Further inquiries found that between May and December 2024, Paun received Rs 1.75 crore, followed by an additional Rs 50 lakh in January 2025.
The fraud came to light when Devarshi Shishirkumar Ghosh, the acting chief accounting officer of the bank, filed a complaint. Based on this, an FIR was registered, and an investigation was launched. On Saturday, police arrested Mehta, followed by the arrest of Paun on Sunday. Both underwent medical examinations and were presented in court, where they were remanded to police custody until February 21.
Authorities are now working to trace the stolen funds, identify additional individuals involved, and uncover the full scale of the operation. They suspect that large cash withdrawals from the bank’s Prabhadevi and Goregaon branches may be linked to the fraudulent transactions. The police are also investigating whether more bank employees were complicit in the scam. As the probe continues, officials anticipate further developments and possible additional arrests.