Mumbai, March 15, 2025 – The Economic Offences Wing (EOW) of Mumbai Police has arrested Kapil Dedhia, a civil contractor, marking the fifth arrest in the ₹122-crore New India Cooperative Bank scam. Dedhia was apprehended in Vadodara on Friday and brought to Mumbai the following day. A court has remanded him in police custody until March 19.
Dedhia is accused of receiving ₹12 crore of the misappropriated funds, funneled through transactions linked to other key suspects, including real estate developer Dharmesh Paun, former bank general manager Hitesh Mehta, and Unnathan Arunachalam. The embezzlement, which occurred at the bank’s Prabhadevi and Goregaon branches, involved siphoning off ₹122 crore through fraudulent means.
While specific details of Dedhia’s role beyond receiving the funds remain unclear, his arrest points to a broader network of individuals implicated in the scam. The investigation continues to uncover how the accused collaborated to divert the bank’s assets, with authorities yet to disclose the precise methods used to trace the funds.
The case has drawn significant attention to vulnerabilities in cooperative banking systems, prompting calls for stricter oversight. Further developments are expected as the EOW deepens its probe into the financial irregularities.
