MUMBAI: Two days after arresting New India Cooperative Bank's general manager and head of accounts Hitesh Mehta in the Rs 122-crore scam, police have learnt that he had allegedly given a Rs 40-crore loan to a Malad businessman who is now on the run, reports Mateen Hafeez.
EOW issued a LOC against Unnathan Arunachalam alias Arunbhai, who is in his 50s and has a solar panel business. On Sunday, police said Mehta had also given a loan of Rs 70 crore to builder Dharmesh Paun, also arrested in the case. Investigators are now trying to trace the remaining Rs 12 crore.
"When we asked Mehta about who he had given bank funds to, he said that he gave Rs 40 crore to Arunbhai," said a police source. "We are questioning Mehta as to why he gave money to Arunbhai."
Mateen Hafeez, special correspondent at The Times of India in Mum...
Read MoreMateen Hafeez, special correspondent at The Times of India in Mumbai, reports on terrorism, underworld, cybercrime and organized crime syndicates. He also writes about the jails in Maharashtra and focuses on human interest stories. He has covered the Ghatkopar bomb blast, Vile Parle bomb blast, Mulund train blast, train serial blasts in 2006, 26/11 terror attacks and Pune's German Bakery bomb blast. He has a special interest in Urdu fiction written by Ibn-e-Safi.
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