Massive ₹122-Crore Bank Fraud Unveiled: Key Suspect in Custody

In a significant development in the ₹122-crore embezzlement case, key accused Arunachalam Ullahanathan Maruthuvar surrendered to authorities after evading arrest for a month. Maruthuvar, linked to the New India Cooperative Bank fraud, was promptly detained by the Economic Offences Wing.

He received nearly Rs 30 crore from prime accused Hitesh Mehta, the bank’s former general manager. This arrest marks the sixth in the ongoing investigation, which also saw civil contractor Kapil Dedhia apprehended in Gujarat. Rs 12 crore had been deposited into Dedhia's account.

The scandal has implicated high-profile figures, including former bank chairman Hiren Bhanu and ex-vice-chairperson Gauri Bhanu, who have fled abroad. Police conducted a polygraph test on Mehta and are working closely with the Reserve Bank of India to understand the audit oversight that led to uncovering the discrepancies.