The Economic Offences Wing (EOW), Mumbai, has arrested Kapil Dedhia, accused in the New India Cooperative Bank misappropriation case. He was apprehended in Vadodara on Friday as part of a coordinated operation and brought to Mumbai where he was formally arrested and presented before the court, which has remanded him to police custody till March 19. This is the fifth arrest in the case.

According to the EOW, investigations have revealed that Rs 12 crore was credited to Dedhia’s account, forming part of the misappropriated funds siphoned from the bank. “It has been further established that a portion of this amount was received from Dharmesh Paun, a builder and another arrested accused in the case, while another portion was transferred to him by Unnathan Arunachalam, a wanted accused. Dedhia also received funds from Hitesh Mehta, the former general manager and the main accused in the case,” the EOW said.