MUMBAI: The Economic Offenses Wing (EOW) of Mumbai Police made a major breakthrough on Sunday by arresting Ulhasnagarnathan Arunchalam, a key figure in the Rs 122 crore New India Cooperative Bank scam.
Arunchalam, who had been on the run since January, was apprehended near the police headquarters at Crawford Market in South Mumbai. He is being produced before the court for remand.
This arrest marks the sixth in the high-profile financial fraud case. Arunchalam’s son, Manohar Arunachalam (33), was previously arrested for his alleged involvement in the scam.
Last week, EOW officers arrested Kapil Dediah, a civil contractor, for allegedly receiving Rs 12 crore from the bank’s missing funds.
Key Arrests So Far:
• Hitesh Mehta (57), General Manager and Head of Accounts at the bank, accused of masterminding the siphoning.
• Dharmesh Paun (57), a developer allegedly linked to the diverted funds.
• Abhimanyu Bhoan (45), the bank’s former CEO.
• Manohar Arunachalam (33), a Dahisar resident and son of the newly arrested accused.
• Kapil Dediah, civil contractor, accused of receiving a significant portion of the missing funds.
According to EOW officials, Arunchalam is suspected of playing a central role in diverting Rs 40 crore from the bank, in collaboration with Hitesh Mehta, the bank’s GM and alleged key conspirator.
Police believe the funds were moved through multiple channels, including shell companies and fraudulent accounts, to conceal the money trail.
A senior EOW officer stated, “Our focus is now on tracing the entire fund flow and identifying more individuals involved in the scam. The arrested accused are being questioned extensively.”
The investigation is being spearheaded by EOW chief Nishith Mishra, with DCP Mangesh Shinde and Senior Inspector Dnyaneshwar Awari leading the team.
Authorities are also examining bank records, digital trails, and property transactions connected to the accused. More arrests are likely as the probe intensifies.
S Ahmed Ali, Senior Assistant Editor at The Times of India, Mumba...
Read MoreS Ahmed Ali, Senior Assistant Editor at The Times of India, Mumbai, covers crime and related isues but sometimes he also takes up offbeat subjects. His interests: automobiles particularly bikes, and gymming.
Read Less
Start a Conversation
Post comment