Mumbai: The Economic Offences Wing (EOW) arrested Manohar Arunachalam (33), the son of the wanted accused Unnanathan Arunachalam alias Arun, marking the fourth arrest in the Rs 122 crore New India Co-operative Bank scam. This major development comes as investigators intensify their probe into the large-scale financial fraud.
Arunachalam will be produced in court today. The arrested accused’s father, Unnanathan Arunachalam alias Arunbhai, is still wanted in the multi-crore scam. Arunbhai, who is a solar panel contractor, took Rs 40 crore from bank’s GM Hitesh Mehta. He resides in Malad’s Malwani area and has fled since the scam has come to light.
Summons Issued To 6 Audit Firms
Meanwhile, the EOW recently issued summons to six audit firms linked to the case, aiming to uncover the extent of discrepancies in the bank’s records, particularly concerning cash-in-hand figures. According to sources, the vault at the bank’s Prabhadevi head office can hold only Rs 10 crore, yet the trial balance recorded a staggering Rs 133.41 crore as cash-in-hand on February 11, 2025. However, during the investigation, officials found merely Rs 11.13 crore—Rs 10.53 crore in the Goregaon cash cell vault and Rs 60 lakh in the head office strong room.
Details On Firms Summoned
The summoned audit firms include M/s. U. G. Devi and Company, M/s. Gandhi and Associates (LLP), M/s. Shinde Nayak and Associates, M/s. Sanjay Rane and Associates, and M/s. S. I. Mogul and Company. These firms were responsible for conducting internal and concurrent audits for the bank from 2019 to 2024. An EOW officer confirmed that auditors would be questioned regarding their role in verifying the bank’s financial statements and their possible involvement in overlooking discrepancies.
The investigation has already led to the arrests of three key individuals: Hitesh Mehta, the bank’s General Manager and prime accused; builder Dharmesh Paun; and former CEO Abhimanyu Bhoan. Bhoan, who signed the bank’s balance sheets and audit reports, is currently under intense interrogation. Officials suspect his role in facilitating mismanagement and fraudulent transactions during his tenure.
On February 21, the EOW had arrested Bhoan, marking him as the third accused in the scam. The court has since remanded him, along with the other arrested individuals, to police custody until February 28. Authorities continue to scrutinize financial documents and transactions, anticipating more arrests as the investigation progresses.
Meanwhile, an EOW officer clarified that there is no investigation involving actress Preity Zinta in this case, nor has the bank filed any complaint against her.
