The Economic Offences Wing (EOW) has arrested Ulhanathan Arunachalam, a key accused in the New India Cooperative Bank scam, from the Crawford Market area. Arunachalam had been absconding since the Rs 122 crore embezzlement case came to light.

According to EOW officials, Arunachalam allegedly received Rs 40 crore from the misappropriated funds. During interrogation, the main accused, Hitesh Mehta, revealed that he had handed over Rs 40 crore in cash to Arunachalam.