Major Scam's Seventh Arrest: The Downfall of Javed Azam

Businessman Javed Azam has been arrested for his role in the Rs 122 crore scam at New India Cooperative Bank. He is linked to the siphoning of funds through one of the previously arrested accused. The investigation, led by the Economic Offences Wing, continues to unravel more suspects.

The Mumbai police have taken significant action in the Rs 122 crore scam at New India Cooperative Bank with the arrest of businessman Javed Azam. This marks the seventh arrest in a web of financial deceit that has brought to light the involvement of several individuals.

According to an official report, the Economic Offences Wing detained Azam, aged 48, on Monday night. The ongoing investigation reveals Azam received Rs 18 crore via Unnathan Arunachalam, one of the accused. Both Azam and Arunachalam were involved in the electrical goods trade, which appears to have facilitated the financial irregularities.

The probe also unveiled that Unnathan and his father, Manohar Arunachalam, embezzled Rs 33 crore. Meanwhile, the bank's former executive Hitesh Mehta, considered the prime conspirator, allegedly facilitated transactions amounting to Rs 33 crore. More arrests are anticipated as the investigation advances.

(With inputs from agencies.)