Sources: Preity Zinta’s Loan Issue Not Under Investigation Amid Controversy
New India Cooperative Bank Audit Scandal Unveiled
The Economic Offences Wing (EOW) has summoned six auditing companies that conducted audits of New India Cooperative Bank from 2019 to 2024. This move comes after investigators discovered that Rs 122 crore was missing from the bank’s coffers, raising serious concerns about financial mismanagement and potential fraud within the institution.
Unraveling the Scandal
The EOW’s investigation into the missing Rs 122 crore is separate from the recent social media controversy involving actor Preity Zinta. The Congress party’s Kerala unit had alleged that Zinta handed over her social media accounts to the BJP and received a Rs 18 crore loan waiver from New India Cooperative Bank. Zinta has vehemently denied these allegations, emphasizing that the EOW is solely focused on the financial irregularities within the bank.
The Missing Funds
According to sources, the missing Rs 122 crore was purportedly stored in safes located at the bank’s branches in Mumbai’s Prabhadevi and Goregaon. The EOW discovered that the cash storage capacity at these vaults was only Rs 20 crore, raising suspicions about the discrepancy in the reported funds. When the Reserve Bank of India (RBI) conducted a cash count, they found only Rs 11.13 crore, leaving a significant amount unaccounted for.
Auditors Under Scrutiny
The six auditing firms summoned by the EOW include Sanjay Rane and Associates, UG Devi and Co, Gandhi and Associates, Shinde Nayak Associates, Jain Tripathi and Co, and SI Mogul and Co. These auditors are now under investigation for their role in overseeing the bank’s financial operations and potentially missing discrepancies that led to the missing funds.
Key Accused and Legal Actions
Hitesh Mehta, the general manager and head of accounts at New India Cooperative Bank, has been identified as the key accused in the scandal. Another individual named Dharmesh Paun is also implicated in the case. The bank’s new acting CEO, Devarshi Ghosh, filed a complaint against Mehta and others in Mumbai for alleged misappropriation of funds, prompting the legal actions and investigations by the EOW.
RBI Intervention and Administrative Measures
In response to the financial irregularities at New India Cooperative Bank, the RBI took decisive action by superseding the bank’s board for a year and appointing an administrator to manage its affairs. Prior to this intervention, the RBI imposed restrictions on fund withdrawals by depositors to safeguard their interests and address supervisory concerns.
Moving Forward
The unfolding audit scandal at New India Cooperative Bank underscores the importance of robust financial oversight and accountability within the banking sector. As investigations continue and legal actions progress, stakeholders are closely monitoring the developments to ensure that justice is served and measures are taken to prevent similar incidents in the future.