Major Arrest in Mumbai Bank Embezzlement Scandal

The Economic Offences Wing of Mumbai police has apprehended Kapil Dedhia in connection with a Rs 122-crore embezzlement at the New India Cooperative Bank. Linked to multiple accused, Dedhia allegedly received a part of the misappropriated funds. Investigation is ongoing to uncover the complete fraud network.

In a significant development, the Economic Offences Wing (EOW) of the Mumbai police has detained a suspect from Vadodara over a Rs 122-crore embezzlement at New India Cooperative Bank. Authorities revealed this breakthrough on Saturday.

Civil contractor Kapil Dedhia was detained in Vadodara on Friday and escorted to Mumbai the following day. A local judiciary body has granted permission for his detention until March 19, according to spokespersons.

The police clarified that Dedhia had a Rs 12 crore transaction to his account, allegedly involving real estate developer Dharmesh Paun and others such as Unnathan Arunachalam and Hitesh Mehta. Further probes are designed to map the financial trail and unmask more participants in this massive bank fraud.