The Economic Offences Wing (EOW) of the Mumbai Police, investigating the Rs 122 crore embezzlement case related to the New India Cooperative Bank scam, has recorded statements from the RBI inspection team that conducted an audit on February 12. The EOW has requested RBI for notes detailing the reasons behind the February raids, which the RBI has yet to provide.
 
Sources revealed that the EOW is dissatisfied with the responses received—particularly regarding rising non performing assets (NPA) and increasing cash on hand—given that no prior inspections were conducted earlier. Additionally, RBI officials are under scrutiny, and a senior EOW officer of DCP rank is expected to meet with senior RBI officials to understand the inspection process and why these issues went unnoticed for two to three years, despite the bank being under RBI supervision since 2021.

Harish Mehta former GM of of the bank at the EOW office on Feb 15. Pic/Satej Shinde