Mehta was initially detained by the police following a raid at his residence in Dahisar area of Mumbai on Saturday evening

He was brought to the office of the EOW in south Mumbai for further questioning in the matter, sources said, adding that his arrest was followed by detailed interrogations. Mumbai Police have registered a case against Mehta for allegedly siphoning Rs 122 crore from its treasury

Along with Mehta, builder Dharmesh Paun, also an accused in the irregularities case, was produced before the court on Sunday

The EOW had on Friday launched an investigation into the alleged `irregularities` at New India Cooperative Bank

The case was filed based on a complaint by the bank’s Chief Accounts Officer at Dadar Police Station

Based on the complaint, a case under the Bharatiya Nyaya Sanhita (BNS) sections 316 (5) (criminal breach of trust by public servants, bankers, and others in positions of trust), 61(2) (criminal conspiracy) was registered

Advocate Jayraj Rajat and Jayesh Parkar, who will be defending Mehta in the court, speak to the media on the case on Sunday

Mehta, who oversaw the Dadar and Goregaon branches, is accused of misusing his position to commit fraud between 2020 and 2025