Mumbai Police’s Economic Offenses Wing (EOW) made a significant breakthrough by arresting Ulhasnagarnathan Arunchalam, a key accused in the high-profile Rs 122 crore New India Cooperative Bank scam. Arunchalam, who had been absconding since January, was apprehended near Crawford Market, close to the police headquarters in South Mumbai.
This arrest is the sixth in the ongoing investigation into the massive financial fraud involving the bank. Earlier arrests include:
Manohar Arunachalam (son of Ulhasnagarnathan Arunchalam)
Kapil Dediah, civil contractor
Hitesh Mehta, General Manager and Head of Accounts (alleged mastermind)
Dharmesh Paun, developer linked to diverted funds
Abhimanyu Bhoan, former CEO of the bank
EOW officials revealed that Arunchalam allegedly played a central role in siphoning off Rs 40 crore from the bank, working closely with Hitesh Mehta. The diverted funds were routed through multiple channels, including shell companies and fraudulent accounts, to obscure the money trail.
The investigation team, led by EOW Chief Nishith Mishra and supported by DCP Mangesh Shinde and Senior Inspector Dnyaneshwar Awari, is focusing on tracing the full flow of funds and identifying additional suspects.
