Mumbai, February 28 – The Economic Offences Wing (EOW) of the Mumbai Police has arrested Manohar Arunachalam (33), the son of absconding businessman Unnathan Arunachalam, in connection with the ₹122 crore embezzlement case at the New India Cooperative Bank, officials confirmed on Friday.
This marks the fourth arrest in the high-profile financial fraud investigation. Previously, authorities had taken into custody the bank’s former general manager, Hitesh Mehta, and real estate developer, Dharmesh Paun, among others.
According to EOW officials, Manohar Arunachalam played a crucial role in aiding his father’s escape. Investigations revealed that he was present when Unnathan Arunachalam, also known as Arun Bhai, absconded. A lookout circular has been issued against the senior Arunachalam, who remains on the run.
The case revolves around allegations that Hitesh Mehta, during his tenure at the bank, approved a ₹50 crore transaction to Unnathan Arunachalam, who is engaged in the solar panel business. Of this amount, Arunachalam allegedly diverted ₹33 crore into two private trusts for personal gains.
Manohar Arunachalam is set to be produced in court later today as investigations continue into the multi-crore banking scam.
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