By A Staff Reporter
Mumbai: The Economic Offences Wing (EOW) has uncovered a major financial irregularity in the New India Cooperative Bank scam, revealing a shortfall of Rs 122 crore in the bank’s cash reserves. The investigation found that the Prabhadevi and Goregaon branches reported cash holdings far exceeding their vault capacities.
According to EOW officials, the maximum cash storage limit for the Prabhadevi branch was Rs 10 crore, while the Goregaon branch had a similar capacity. However, Rs 133 crore was recorded in the bank’s account books as available cash. When the Reserve Bank of India (RBI) conducted an inspection on February 12, only Rs 10.53 crore was found in the Goregaon branch and Rs 60 lakh in Prabhadevi, leading to a discrepancy of around Rs 122 crore.
Following these revelations, authorities launched an in-depth probe to trace the missing funds and identify those responsible for the financial mismanagement. Officials suspect fraudulent accounting practices and potential siphoning of funds, which could point to deeper corruption within the bank’s operations.
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