Mumbai's Economic Offences Wing (EOW) has intensified its crackdown on financial crimes with the arrest of Kapil Dedhia, a wanted suspect in the New India Cooperative Bank misappropriation case. Dedhia was apprehended in Vadodara on March 14 during a coordinated operation and brought to Mumbai shortly after. The investigation has so far uncovered that Rs.12 crore was credited to Dedhia’s account, believed to be part of the misappropriated funds siphoned from the bank. Dedhia is also suspected of receiving illicit funds from Hitesh Mehta. Meanwhile, the other accused remains at large.
According to the police, the probe has further revealed that the funds came from multiple sources in Dedhia's account. A portion was allegedly transferred by Dharmesh Paun, the builder of Dharmesh Realty, while another chunk originated from Arunachalam, another accused. Dedhia was officially arrested at 11:30 a.m. on Saturday and produced before the chief judicial magistrate court, Esplanade, which has remanded him to police custody till March 19, 2025.
Authorities are now focused on apping the entire financial trail, aiming to identify all individuals linked to the fraudulent scheme. The EOW’s ongoing efforts focus on investigating the bank's financial misappropriation and identifying those responsible.
