In his complaint, Ghosh alleged that Mehta withdrew Rs 122 crore from the treasury of the Dadar and Goregaon branches. Mehta was responsible for overseeing these branches during his tenure. The fraud allegedly occurred between 2020 and 2025, as Mehta was expected to retire in 2026.Mehta is being represented by lawyer Chandrakant Ambani, who claims that his client is being framed.On Friday, the Reserve Bank of India (RBI) sacked the board of the cooperative bank and placed it under an administrator for the next year.The RBI also banned the bank from lending and collecting deposits while allowing depositors to withdraw money for the next six months, effective Thursday.As part of the action, the RBI appointed Shreekant, a former Chief General Manager at the State Bank of India, as the administrator to manage the bank’s affairs.A two-member advisory committee, consisting of Ravindra Sapra (a former general manager at SBI) and chartered accountant Abhijeet Deshmukh, will assist the administrator in carrying out his duties.
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