Mumbai: Wanted accused Kapil Dedhia arrested in Rs 122 crore scam case from New India Cooperative Bank

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Mumbai’s Economic Offences Wing (EOW) has arrested Kapil Dedhia, a wanted accused in the Rs 122 crore scam case from New India Cooperative Bank. Sources said that Dedhia was caught in a joint operation in Vadodara on Friday and was brought to Mumbai on Saturday (March 15, 2025). Kapil Dedhia was formally arrested at 11:30 am and produced in the court, where the court sent him to police custody till March 19.

Rs 12 crore deposited in the account

Sources said that investigation has revealed that Rs 12 crore was deposited in his account, which is part of the money embezzled from the bank. It has also been revealed that a part of this money was received from Dharmesh Paun, builder of Dharmesh Realty, while the other part was transferred to him by Arunachalam, a wanted accused in the case. Apart from this, EOW also suspects that he had allegedly received money from Hitesh Mehta.

Main accused fled the country

EOW is investigating where the missing funds from the bank went and identifying other people involved in the financial irregularities. So far, EOW has arrested four accused in the case, including former CEO Abhimanyu Bhoan, SRA developer Dharmesh Paun and absconding Unnavan Arunachalam’s son Manohar Arunachalam. Both are beneficiaries in this case. At the same time, former chairman Hiren Bhanu and his wife Gauri Bhanu, the acting chairman and vice-chairman of the bank, have also been made accused in this case, but they fled the country a few days before the FIR was registered.

Hiren Bhanu left Indian citizenship and became a British citizen

According to the information received by EOW, Hiren Bhanu has gone to Abu Dhabi and surrendered his Indian citizenship and acquired British citizenship. Gauri Bhanu had gone to Thailand two days before the FIR was registered. EOW has issued a Look Out Circular (LOC) against the couple, after which a Blue Corner Notice has also been issued. If they do not return to India, the EOW will also issue a Red Corner Notice against them after the chargesheet is filed.