India, April 11 -- A sessions court on Thursday denied bail to Hitesh Pravinchandra Mehta, then general manager (accounts) of New India Co-operative Bank, calling him the "prime accused" in the Rs.122 crore vault cash shortfall case flagged during a Reserve Bank of India (RBI) inspection.

The court held that the scale and structure of the alleged siphoning operation outweigh bail considerations, rejecting his plea for parity with co-accused.

Judge Vikram R. Jagdale of the designated MPID court said the material on record "clearly reveals complicity", pointing to allegations that over Rs.121.95 crore was siphoned through forged electronic records, fabricated debit entries and accounting manipulation.

The case stems from a February 12, 2...