Mumbai: The Economic Offences Wing (EOW), Mumbai, has arrested Arunachalam Ullahanathan Maruthuvar (Age 62), a wanted accused in the New India Co-operative Bank (NICB) misappropriation case. Arunachalam, who had been absconding for the past one month, surrendered at the EOW office in Mumbai this morning.
It is alleged that Arunachalam Ullahanathan Maruthuvar received approximately ₹30 crore from the misappropriated funds of NICB from the main accused Hitesh Mehta. EOW had deployed multiple teams across various parts of India to trace Arunachalam during his period of absconding.
Following his surrender, Arunachalam Ullahanathan Maruthuvar was placed under arrest and produced before the court. The court has granted police custody till 18th March for further investigation.
Further investigation into the matter is underway.
New India Cooperative Bank Scam
The scam, which involves a massive amount of Rs. 122 crore, has raised concerns regarding the bank's operations and the fraudulent activities carried out by the accused. The arrested individual was on the run for a significant period and was identified as one of the key players in the fraudulent activities. The EOW is continuing its investigation into the case, with more details expected to be revealed in the coming days.
