Mumbai Police Arrests Son Of Absconding Businessman In New India Cooperative Bank Fraud Case

The Mumbai police's economic offences wing has arrested the son of a businessman wanted in connection with the embezzlement of Rs 122 crore at the New India Cooperative Bank, an official said on Friday.

The EOW on Thursday arrested Manohar Arunachalam (33), the son of absconding accused Unnathan Arunachalam, the official said. This is the fourth arrest in connection with the case, he said.

The EOW had earlier arrested three persons, including the bank's ex-general manager, Hitesh Mehta, and real estate developer, Dharmesh Paun.

The official said Manohar allegedly helped his father, Unnathan Arunachalam alias Arun Bhai, to flee, and a probe has revealed that he was with his father when the latter absconded.

He will be produced in a court later in the day, the official said.

EOW officials have been searching for Unnathan Arunachalam for the last several days, and a lookout circular has been issued against him According to the EOW, the bank's ex-general manager, Hitesh Mehta, allegedly gave Rs 50 crore to Unnathan Arunachalam, who is in the business of solar panels.

Of Rs 50 crore, Arunachalam allegedly deposited Rs 33 crore in two private trusts to gain profit.