India, June 28 -- The Esplanade metropolitan magistrate's court has rejected the bail plea of three individuals arrested in connection with the alleged embezzlement of Rs.122 crore from the cash reserves of the New India Cooperative Bank.

The court rejected the plea of businessman Manohar Arunachalam, civil contractor Kapil Dedhia and Raviranjan Pandey from Bokaro in Jharkhand, all of them are accused of receiving the proceeds of crime from the main accused, Hitesh Mehta, 57, general manager of the bank. The court observed that if released on bail, they may tamper with prosecution evidence and create difficulties in the ongoing forensic audit.

The Economic Offences Wing (EOW) of the Mumbai Police told the court that Arunachalam along wi...