A Mumbai court has denied bail to Hitesh Mehta, the primary accused in the Rs 122 crore embezzlement case involving New India Co-Operative Bank, citing the serious nature of the offence and the substantial sums involved, reported the PTI.

Mehta, who previously served as the bank’s General Manager and Head of Accounts, is accused of misappropriating Rs 122 crore from the bank’s reserves over a five-year period.