The Financial Offences Wing (EOW) of the Mumbai police has arrested an accused from Vadodara within the ₹122-crore embezzlement at New India Cooperative Financial institution, an official stated on Saturday.
Based on the police, ₹12 crore of the misappropriated quantity was credited to the accused Kapil Dedhia’s account. (Praful Gangurde /HT Picture)
Civil contractor Kapil Dedhia was apprehended within the Gujarat metropolis on Friday and dropped at Mumbai on Saturday. An area court docket right here remanded him in police custody until March 19, he stated.
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Based on the police, ₹12 crore of the misappropriated quantity was credited to Dedhia’s account. He acquired part of the cash from actual property developer Dharmesh Paun, additionally an accused.
Dedhia additionally acquired cash from Unnathan Arunachalam, one other needed accused within the case, and prime accused Hitesh Mehta, the financial institution’s former normal supervisor and head of accounts.
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Additional investigation is underway to hint your complete fund stream and establish different people concerned within the fraud, the official stated.
Based on the police, ₹122 crore was embezzled from the safes of the financial institution’s Prabhadevi and Goregaon places of work in Mumbai.
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Together with Dedhia, EOW has arrested 5 individuals to this point and plenty of extra have been named as needed accused, together with the financial institution’s former chairman Hiren Bhanu and his spouse, ex-vice-chairperson Gauri Bhanu, who fled overseas simply earlier than the rip-off got here to mild.
What’s the case about?
On Thursday, February 13, the Reserve Financial institution of India (RBI) imposed a six-month transaction ban on the financial institution owing to alleged misappropriation of ₹122 crore, carried out at its Goregaon and Prabhadevi branches.
Account holders gathered in entrance of branches in giant numbers the subsequent morning, determined to get better their cash.
As HT reported, all their requests for withdrawals had been turned down, whereas banners at department gates assured them that deposits below ₹5 lakh could be repaid inside 90 days.