India, March 24 -- The eighth arrested accused in the New India Cooperative Bank (NICB) money siphoning case, Rajeev Ranjan Pandey alias Pawan Gupta, 47, who was arrested from Bokaro, was produced in the holiday court on Sunday, which remanded him to police custody for seven days for further investigation. The police said Pandey was a beneficiary and had received around Rs.15 crore from the Rs.122 crore that was siphoned off from the bank.

Police will now interrogate him to find out why he was given Rs.15 crore by another arrested accused in the case, Unnathan Arunachalam, and what he did with the amount.

Police said Pandey's role had emerged during Arunachalam's interrogation. Arunachalam, a businessman dealing with solar panels, had r...