Mumbai police have arrested businessman Javed Azam in connection with the ongoing investigation into the Rs 122 crore scam at New India Cooperative Bank. Azam, aged 48, was detained late Monday night by the Economic Offences Wing (EOW), marking the seventh arrest in this case.
According to an official, the EOW discovered that Azam received a sum of Rs 18 crore from one of the previously arrested individuals, Unnathan Arunachalam. Azam, a resident of Kandivali, is known for running an electrical goods distribution business.
Unnathan Arunachalam, also engaged in the electrical goods trade, had established ties with Azam. Investigations further revealed that Unnathan and his father, Manohar Arunachalam, were involved in siphoning off a total of Rs 33 crore from the New India Cooperative Bank.