Key Accused in New India Bank Fraud Surrenders to Authorities

Ullhanathan Arunachalam, key suspect in the New India Co-operative Bank fraud, surrendered to the Mumbai police’s EOW after absconding for over a month. He’s linked to former bank manager Hitesh Mehta, who is implicated in a ₹122 crore fraud. Arunachalam’s son was also arrested for receiving a significant sum from Mehta. The EOW is still searching for other suspects who have reportedly fled abroad.

Mumbai police’s Economic Offences Wing (EOW) arrested Ullhanathan Arunachalam, 62, in connection with the New India Co-operative Bank fraud. He was the sixth individual apprehended in this case after being absconding since the fraud was uncovered last month. He has been remanded in police custody until March 18 after his court appearance.

Arunachalam, who operates a partnership firm, first visited the New India Cooperative Bank in March 2013 for business and became friends with the primary accused, Hitesh Mehta, the bank’s former general manager. Reports indicate that Arunachalam received ₹40 crore from the ₹122 crore siphoned from the bank’s cash vault by Mehta.

To locate Arunachalam, the EOW issued a lookout circular and set up teams across India. He was traced to various locations including Gujarat and Andhra Pradesh before surrendering at the EOW office in Mumbai from Pune last Sunday. Additionally, Arunachalam’s son, Manohar, was arrested following the discovery of ₹12 crore in his firm’s account, which had been transferred from Mehta.

Another accused, Kapil Kalyanji Dedhia, 45, was arrested in Vadodara after allegedly receiving ₹12 crore from Mehta. Dedhia has been remanded in police custody until March 19. Authorities are still pursuing Gauri Bhanu and Hiren Bhanu, who are believed to have fled the country.

The recent arrest of Ullhanathan Arunachalam in the New India Co-operative Bank fraud case underscores the ongoing efforts of the Mumbai EOW to resolve financial crimes. With multiple arrests made, law enforcement continues to track down remaining suspects to ensure accountability and recover the siphoned funds.

Original Source: www.hindustantimes.com