New India Co-operative Bank Scam: ₹122 Crore Siphoned Off via Hawala

A major revelation has come to light in the investigation of the New India Co-operative Bank scam. It has been found that the cash looted from the bank’s locker was sent out through hawala transactions.

According to the Economic Offences Wing (EOW), bank officials, in connivance, siphoned off ₹122 crore from the bank’s locker. Despite the bank being allowed to keep only ₹20 crore in cash in its locker, official records falsely showed ₹130 crore.

So far, the police have arrested former CEO of the bank, Abhimanyu Surender Bhon, General Manager and Account Head Hitesh Mehta, and real estate developer Dharmesh Paun in connection with the scam.

Before imposing restrictions on the bank, the Reserve Bank of India (RBI) conducted an inspection and found that ₹122 crore had gone missing from the bank's locker. The investigation is ongoing, and more revelations are expected.