Key Accused Kapil Dedhia Arrested in New India Cooperative Bank Scam
• EOW Nabs Dedhia in Vadodara, Brings Him to Mumbai
Unmesh Gujarathi
Sprouts News Exclusive
In a significant breakthrough in the New India Cooperative Bank misappropriation case, the Economic Offences Wing (EOW), Mumbai, has arrested Kapil Dedhia, a key accused wanted in the multi-crore financial fraud. He was apprehended in Vadodara yesterday in a meticulously planned operation and was brought to Mumbai early this morning.
Dedhia was formally arrested at 11:30 a.m. and produced before the court, which has remanded him to police custody till March 19, 2025, for further investigation. The authorities believe that his custodial interrogation will reveal crucial details about the money trail and other individuals involved in the scam.
• ₹12 Crore Linked to Dedhia’s Account
Investigators have uncovered that ₹12 crore was deposited into Dedhia’s account, forming a substantial part of the siphoned funds. The investigation has so far revealed the following financial transactions:
– Dharmesh Paun, the builder of Dharmesh Realty, allegedly transferred a significant sum to Dedhia’s account.
– Arunachalam, another wanted accused, also routed a portion of the misappropriated funds to Dedhia.
– Further amounts were credited by Hitesh Mehta, raising suspicions of a larger financial nexus.
Authorities suspect that Dedhia acted as a key conduit in laundering the misappropriated funds and distributing them among various stakeholders.
Also Read: Yerwada Mental Hospital Corruption Exposed in Inquiry Report.
• Widening Investigation and More Arrests Expected
With Dedhia’s arrest, the EOW has intensified efforts to unravel the entire financial network behind the scam. Officials are meticulously tracing the flow of misappropriated funds, analyzing bank transactions, and identifying other individuals who may have played a role in the fraudulent scheme.
The New India Cooperative Bank misappropriation case is one of the largest financial frauds under investigation by Mumbai’s Economic Offences Wing. The scam has shaken investor confidence, with several depositors demanding stringent action against those involved.
The EOW has assured that it remains committed to bringing all culprits to justice and recovering the misappropriated funds. With Dedhia now in custody, investigators are expected to uncover more leads that could expose the full extent of financial irregularities and potential involvement of more high-profile individuals.
The case continues to unfold as authorities work toward restoring accountability and preventing further financial misconduct in the banking sector.
