The Mumbai magistrate’s court today denied bail to three accused — contractor Kapil Dedhia, Dahisar resident Manohar Arunachalam, and businessman Ravivaranjan Pandey — in connection with the ₹122 crore embezzlement case against New India Cooperative Bank. The court noted that each had allegedly received large sums from the main accused, Hitesh Mehta: Dedhia reportedly got ₹6 crore, and Pandey ₹3 crore (₹2.1 crore of which was later passed to others), while Arunachalam received cash used toward purchasing office property in his and his mother’s names. Seized documents from Arunachalam’s home further implicated him. The magistrate held that granting bail could lead to tampering with evidence and would hamper the ongoing forensic audit and money‑trail investigation—a crime of this magnitude demanded thorough scrutiny.

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