Mumbai: Seventh Arrest Made in ₹122 Crore New India Cooperative Bank Scam, BJP Leader’s Brother in Custody. The Economic Offences Wing (EOW) of Mumbai Police, investigating the ₹122 crore embezzlement case involving New India Cooperative Bank, made its seventh arrest late Monday night. The arrested individual has been identified as Javed Aazam, the younger brother of BJP's former Maharashtra secretary Hyder Azam.
Eow Sources told FPJ that Javed Aazam was arrested in ₹122 Crore New India Cooperative Bank Scam; Allegedly Received ₹18 Crore. The Economic Offences Wing (EOW) of Mumbai Police arrested Javed Aazam, the younger brother of BJP's former Maharashtra secretary Hyder Azam, in connection with the ₹122 crore New India Cooperative Bank scam.
About The Case
According to EOW officials, Javed was summoned for questioning at the EOW office. During the interrogation, he was arrested at 7:30 PM on Monday. The investigation revealed that Unnathan Arunachalam, another accused in the scam, had allegedly given ₹18 crore of the misappropriated ₹40 crore cash to Javed.
Javed is the seventh person to be arrested in the case, which came to light on February 12, when the Reserve Bank of India (RBI) discovered that ₹122 crore cash was missing from the bank during an inspection.
A senior EOW officer confirmed the arrest, stating that Javed will be produced before the court today. His alleged involvement in the scam has further widened the scope of the investigation. The scam came to light on February 12, when a Reserve Bank of India (RBI) team conducted an inspection at New India Cooperative Bank and discovered that ₹122 crore in cash was missing.
Following the revelation, the EOW launched a probe and has so far arrested Hitesh Mehta, the bank's former general manager and head of accounts. Abhimanyu Bhoan, the former CEO of the bank. Dharmesh Paun, a developer. Ulhanathan Arunachalam, a Malad-based electrical Contractor.
Manohar Arunachalam, Unnathan's son. Kapil Dedhia, a civil contractor. With Javed Aazam’s arrest, the EOW is expected to further interrogate him regarding the cash trail and his potential role in laundering or facilitating the misappropriation of funds. The investigation is ongoing.
