shot-button
E-paper E-paper
Home > Mumbai > Mumbai Crime News > Article > New India Cooperative Bank case Arunachalam Ullahanathan held after evading arrest for a month

New India Cooperative Bank case: Arunachalam Ullahanathan held after evading arrest for a month

Updated on: 17 March,2025 10:48 AM IST  |  Mumbai
Apoorva Agashe | mailbag@mid-day.com

The 62-year-old, who worked as an electrical contractor, had met the key accused, ex-General Manager Hitesh Mehta, before becoming involved in the fraud. Authorities allege that Mehta misappropriated Rs 40 crore and handed it over to Ullahanathan

New India Cooperative Bank case: Arunachalam Ullahanathan held after evading arrest for a month

The 62-year-old accused, Arunachalam Ullahanathan, has been sent to police custody till Tuesday. Representational pic

Listen to this article
New India Cooperative Bank case: Arunachalam Ullahanathan held after evading arrest for a month
x
00:00

Arunachalam Ullahanathan, a wanted accused in the New India Cooperative Bank scam, surrendered to the Economic Offences Wing (EOW) officials after evading arrest for over a month. According to EOW officials, Ullahanathan was taken into custody after surrendering in Mumbai and was subsequently produced before the Esplanade court.
 
The 62-year-old, who worked as an electrical contractor, had met the key accused former General Manager Hitesh Mehta before becoming involved in the New India Cooperative Bank fraud. Authorities allege that Mehta misappropriated Rs 40 crore and handed it over to Ullahanathan. “The main accused, Hitesh Mehta, confessed that he had given Rs 40 crore to Arunachalam,” a police officer said.


(Left) Hitesh Mehta, former GM of the New India Co-operative Bank produced in the Esplanade court. FILE PIC/ASHISH RAJE
(Left) Hitesh Mehta, former GM of the New India Co-operative Bank produced in the Esplanade court. FILE PIC/ASHISH RAJE


Following this, Ullahanathan allegedly transferred Rs 15 crore to his son, Manohar. “The father handed over the money to his son. We arrested him, but he couldn’t provide any information about his son’s whereabouts. After a thorough investigation, the court granted him judicial custody,” police added.


Investigators revealed that Ullahanathan initially came into contact with Mehta while working on an electrical project at the bank’s Prabhadevi branch. “He worked as a contractor and had approached Mehta for payment regarding an electrical job. It was then that Mehta informed him about the misappropriated funds and handed over the cash. We suspect they first met in 2013,” the police officer said.

On February 16, Ullahanathan went absconding, prompting EOW officials to issue a lookout circular (LOC). Authorities suspected he had fled abroad and even announced a reward for information leading to his arrest.

However, on Sunday, he surrendered near Crawford Market, after which officials took him into custody.

This marks the sixth arrest in the Rs 40 crore embezzlement case. On Friday, police arrested Kapil Dedhia, who allegedly received Rs 12 crore from the misappropriated funds. “A portion of the money was given to Dedhia by Arunachalam,” police disclosed. Ullahanathan has been remanded to police custody until March 18. 

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK