India, March 16 -- The Economic Offences Wing (EOW) of the Mumbai Police has arrested a fifth accused in the New India Cooperative Bank misappropriation case. The police identified the accused as Kapil Kalyanji Dedhia, 45, a civil contractor who was close to the main accused in the case, the arrested general manager (accounts) of the bank, Hitesh Mehta. Dedhia was arrested from Vadodara in Gujarat.

The police said the civil contractor allegedly received around Rs.12 crore out of the Rs.122 crore purportedly siphoned off from the bank. He was a resident of Anand Nagar in Dahisar where he lived in the same building as Mehta.

"However, he was on the run and had visited Kutch and Vadodara in Gujarat and Jaipur in Rajasthan. He was continuou...