Mumbai Economic Offences Wing arrests two more accused persons in New India Co-operative Bank fraud case

EOW arrests two more suspects in NICB case, including Arunachalam Ullahanathan Maruthuvar, for misappropriation of funds.

Two more arrests were made in the New India Co-operative Bank (NICB) case by the Economic Offences Wing (EOW) of Mumbai Police on Saturday and Sunday (March 16, 2025), officials of the EOW said.

The fourth accused, Arunachalam Ullahanathan Maruthuvar, 62, was arrested in the NICB misappropriation case after he surrendered on Sunday. He had been absconding since the first accused Hitesh Mehta and his associate were arrested, officials said.

“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 Maruthuvar during the period in which he was absconding. Following his surrender, he was placed under arrest and produced before the court. The court has granted police custody till March 18 for further investigation,” officials said. 

A day earlier, the police also arrested Kapil Dedhia, another accused in the case. Mr. Dedhia was apprehended in Vadodara on Friday as part of a coordinated operation, and brought to Mumbai on Saturday. He was formally arrested in the morning and presented before the court, where police custody was granted till March 19, according to officials.

A sum of ₹12 crore, part of the funds misappropriated from the bank, was credited to Mr. Dedhia’s account, officials said. A portion of this amount was received from Dharmesh Paun, who was arrested with the first accused, Mr. Mehta, a former general manager of the bank. Mr. Paun had been transferring the funds initially, while another portion was transferred to Mr. Mehta by Mr. Maruthuvar, officials said.