The Financial Crimes Branch has summoned six audit firms to appear before the inquiry in the New India Co-Op Bank scam case. It was shown that the vaults in the two branches of the bank had a capacity of holding only INR 20 crores, but held more than INR 133 crores. Therefore, there are signs of increasing the scope of this matter.
The Financial Crimes Branch has started an investigation into this scam and new information is coming to light every day. The information about the auditors of the bank between 2019 and 2025 has come to the attention of the Economic Offenses Wing (EOW).
The auditors involved include Messrs. U.G. Devi & Co., Messrs. Gandhi & Associates, Messrs. Shinde Nayak & Associates, Messrs. Jain Tripathi & Associates, and Messrs. S.I. Mogul & Co. They have been asked to appear for questioning. Additionally, an individual related to another auditing firm is also being questioned.
Apart from this, another person related to the audit company is being investigated and an investigation will be conducted on the basis of which the audit was done. The capacity of the vaults in Prabhadevi and Goregaon branches of the bank was only INR 10 crore each. While this was the case, it was shown that there was cash of INR 133.41 crore.
In the investigation, an amount of 11 crore 13 lakh rupees was found in the treasury of Prabhadevi branch and INR 60 lakhs in the treasury of Goregaon branch. It is estimated by the investigation agencies that General Manager Hitesh Mehta embezzled the amount of INR 122 crores by showing only documents. The Financial Crimes Branch has questioned how no one suspected that the amount shown in it was six times the capacity of the vault. Therefore, the persons related to the bank will also be called for questioning in this matter soon.
Investigation progress so far
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