MUMBAI, 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 ED officials said on Wednesday that Mehta had admitted to having withdrawn the funds over a prolonged period.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 the former vice-chairperson. Bhanu exercised control over the bank's operations for several years, directly as well as indirectly through associates and family members. Bhanu has also been charge-sheeted in the case. The ED recently submitted a charge sheet against Mehta and seven others in the special court, which directed the issuance of pre-cognisance notices to all the accused. The ED's investigation is based on a case registered by the Economic Offences Wing (EOW) of the Mumbai Police in connection with the Rs.122-crore embezzlement. The transactions came to light during a Reserve Bank of India risk assessment, which first flagged the suspected misappropriation. The pilfered funds, classified as proceeds of crime (POC), were allegedly transferred to multiple persons /entities. A part of the POC, worth around Rs.26 crore to Rs.30 crore, was also transferred to the former/acting chairman and vice-chairman of the bank, ED officials said. The ED's investigation also revealed that an accused, acting in connivance with some Indian borrowers of the bank, acquired overseas business entities without paying any sale consideration, and subsequently also arranged to receive funds in the borrowers' accounts. ED officials said that substantial loans were sanctioned by the bank to such borrowers. Earlier, the ED had provisionally attached 33 immovable and movable properties, valued at Rs.16.95 crore, in the form of fixed deposits, bank balance, flats, commercial offices and agricultural land plots. The EOW has already filed its charge sheet....