Mumbai’s Economic Offences Wing (EOW) has arrested Kapil Dedhia, an accused in the Rs122 crore scam involving New India Co-operative Bank. Dedhia was apprehended from Gujarat, and it is alleged that Es12 crore from the misappropriated amount was deposited into his bank account. He was presented before the court on Saturday, which remanded him to police custody till March 19. This marks the fifth arrest in the case.
Investigators found that a significant portion of the embezzled funds was transferred to Dedhia’s bank account. A team was dispatched to Vadodara, Gujarat, where he was finally apprehended. After being brought to Mumbai, he was formally arrested at 11:30 AM on Saturday and subsequently presented in court, which granted police custody till March 19.
According to the investigation, ₹12 crore was credited to Dedhia’s account. Following the arrest of another accused, Manohar Arunachalam, Dedhia had gone into hiding. The police formed three teams and launched search operations across Rajasthan and Gujarat, eventually nabbing him in Vadodara.
So far, four other accused have been arrested in connection with the case. The arrested individuals include Hitesh Mehta (Bank’s General Manager), Dharmesh Poon (Real Estate Developer),Abhimanyu Bhoan (Bank’s CEO) and Manohar Unnathan
Additionally, lookout notices were issued against four more accused – Hiren Bhanu, Gauri Bhanu, Unnathan Arunachalam, and Kapil Dedhia. It is suspected that Hiren and Gauri Bhanu received Rs28 crore from the embezzled funds and have since fled abroad.
The EOW has now begun investigating the properties owned by Hitesh Mehta. Further legal action is expected as authorities tighten their grip on those involved in the financial fraud.