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Key Accused Arrested in ₹122-Crore New India Cooperative Bank Fraud

Kapil Dedhia, apprehended in Vadodara, is accused of receiving ₹12 crore of misappropriated funds and has been remanded to police custody for further investigation.

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According to the police, ₹12 crore of the misappropriated amount was credited to the accused Kapil Dedhia’s account.
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EOW arrests contractor in New India bank misappropriation case

Overview

  • Kapil Dedhia, a civil contractor and key suspect in the ₹122-crore New India Cooperative Bank embezzlement case, was arrested in Vadodara on March 14 and brought to Mumbai the following day.
  • Investigators have discovered that ₹12 crore of the siphoned funds were credited to Dedhia's account, allegedly transferred by other accused individuals, including Dharmesh Paun and Unnathan Arunachalam.
  • Dedhia is also suspected of receiving illicit funds from Hitesh Mehta, the bank’s former general manager and head of accounts, who remains at large.
  • The Economic Offences Wing (EOW) is actively tracing the financial trail to uncover additional individuals involved in the misappropriation and to recover the stolen funds.
  • Dedhia has been remanded to police custody until March 19, and investigations continue into the broader scheme, which led to the Reserve Bank of India imposing a six-month transaction ban on the bank.