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.

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.