India, Oct. 15 -- An investigation by the Enforcement Directorate (ED) into the alleged embezzlement of Rs.122 crore from the New India Co-operative Bank (NICB) has revealed that one of its officials played a key role in siphoning off the funds.

The probe revealed that Hitesh Mehta, former general manager and head of accounts at NICB, allegedly pilfered the money by manipulating the accounting systems and creating false records of cash transfers between the bank's branches. ED officials said on Wednesday that Mehta had admitted to having withdrawn the funds over a prolonged period.

The investigation further established that these activities were also allegedly carried out at the behest of Hiren Bhanu, former chairperson of the bank, and...