The Economic Offences Wing (EOW) of the Mumbai Police recently made a significant breakthrough in the New India Cooperative Bank misappropriation case, with the arrest of a fifth accused, Kapil Kalyanji Dedhia, a 45-year-old civil contractor closely associated with the main accused, Hitesh Mehta, the former general manager (accounts) of the bank. Dedhia was apprehended in Vadodara, Gujarat, shedding light on the intricate web of financial fraud that has rocked the banking sector.
Unveiling the Allegations:
According to police reports, Dedhia is alleged to have received approximately ₹12 crore from the whopping ₹122 crore that was reportedly siphoned off from the bank. Residing in Anand Nagar, Dahisar, Dedhia shared a residential building with Mehta, further deepening the connection between the two accused individuals. The investigation revealed that Dedhia had been evading authorities, making trips to Kutch, Vadodara, and Jaipur to avoid detection. However, a collaborative effort between the EOW and the DCB police station in Gujarat led to his arrest in Vadodara, marking a crucial milestone in the ongoing probe.
Upon his apprehension, Dedhia was promptly presented in court, where he was remanded to police custody until March 19, allowing authorities to delve deeper into the financial irregularities. Suspicions abound regarding Dedhia’s role in the embezzlement scheme, with investigators eager to uncover the intricate details of how the misappropriated funds were utilized. A police official expressed the belief that Dedhia may have disbursed a portion of the ill-gotten gains to Mehta, while also investing in real estate properties as part of the illicit operation.
The Pursuit of Justice:
Notably, a Look Out Circular (LOC) had been issued against Dedhia by the EOW following the revelation of his involvement in the fraudulent activities. His arrest marks the fourth in a series of apprehensions related to the case, with additional suspects, Gauri Bhanu, Hiren Bhanu, and Unnanathan Arunachalam, still eluding authorities. While the Bhanu family is believed to have absconded abroad, Unnanathan remains a person of interest within the country, evading capture in undisclosed locations. Remarkably, Unnanathan’s son, Manohar, has already been taken into custody by law enforcement agencies, underscoring the multi-faceted nature of the ongoing investigation.
Reflecting on the progress made thus far, a police official highlighted the arrests of key figures in the case, including Mehta, CEO Abhimanyu Bhoan, developer Dharmesh Paun, and Manohar Arunachalam. The combined efforts of law enforcement agencies have resulted in a series of breakthroughs, shedding light on the intricate network of individuals involved in perpetrating financial crimes of a substantial scale. As the investigation continues to unfold, authorities remain steadfast in their pursuit of justice, aiming to bring all perpetrators to account for their actions.
In a bid to unravel the complexities of the New India Cooperative Bank misappropriation case, the arrest of Kapil Kalyanji Dedhia stands as a pivotal moment in the ongoing saga of financial malfeasance. As the wheels of justice turn, the relentless efforts of law enforcement agencies underscore the unwavering commitment to upholding the integrity of the banking system and holding wrongdoers accountable for their actions. With each arrest, a clearer picture emerges of the intricate web of deception that has ensnared multiple individuals, highlighting the importance of transparency and diligence in safeguarding the financial interests of the public.
