The EOW had earlier arrested three persons, including the bank's ex-general manager, Hitesh Mehta, and real estate developer, Dharmesh Paun, in connection with the New India Co-Operative Bank scam
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An official on Friday said that the Mumbai police's economic offences wing (EOW) has arrested the son of a businessman wanted in connection with the embezzlement of Rs 122 crore at the New India Co-operative Bank, reported news agency PTI.
The EOW on Thursday arrested Manohar Arunachalam (33), the son of absconding accused Unnathan Arunachalam, the official said, reported PTI.
This is the fourth arrest in connection with the New India Co-Operative Bank scam case, he said.
The EOW had earlier arrested three persons, including the bank's ex-general manager, Hitesh Mehta, and real estate developer, Dharmesh Paun, in connection with the New India Co-Operative Bank scam, reported PTI.
The official said Manohar allegedly helped his father, Unnathan Arunachalam alias Arun Bhai, to flee, and a probe has revealed that he was with his father when the latter absconded.
He will be produced in a court later in the day, the official said.
EOW officials have been searching for Unnathan Arunachalam for the last several days, and a lookout circular has been issued against him
According to the EOW, the bank's ex-general manager, Hitesh Mehta, allegedly gave Rs 50 crore to Unnathan Arunachalam, who is in the business of solar panels.
Of Rs 50 crore, Arunachalam allegedly deposited Rs 33 crore in two private trusts to gain profit.
New India Coop Bank vault had capacity for Rs 10 cr but book showed Rs 122 cr: EOW
New India Cooperative Bank's Prabhadevi branch had a capacity to keep Rs 10 crore at a time, but the cash in hand book showed there was Rs 122.028 crore in the safe on the day of RBI inspection, police have said, reported PTI.
The Mumbai Police's Economic Offences Wing (EOW) is conducting a probing into the embezzlement of Rs 122 crore at the New India Cooperative Bank and has so far arrested three persons, including two former top executives of the lender.
The Reserve Bank of India's (RBI) inspection team visited the corporate office branch of the bank at Prabhadevi on February 11, where they found Rs 122 crore cash was missing from the safe, an official said on Tuesday, reported PTI.
The balance sheet at the corporate office branch was showing Rs 133.41 crore at the bank's safe at Prabhadevi and Goregaon branches, and Rs 122.028 was the figure on the balance sheet of Prabhadevi branch on that day, he said.
(With inputs from PTI)
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