India, July 6 -- An absconding accused in connection with the alleged embezzlement of Rs.122 crore from cash reserves of New India Cooperative Bank was arrested from Lucknow by the Economic Offences Wing (EOW) on Saturday. Police said the accused works as a building material supplier and made away with Rs.3.5 crore from the kickbacks.

The arrested accused is Pawan Amarsingh Jaiswal, 47. He had conspired with two other arrested accused - Ajay Singh Rathod and Rajeev Ranjan Pandey. "The three had taken Rs.15 crore from Hitesh Mehta, the general manager of accounts of New India Cooperative Bank," said a police officer. Mehta, 57, was the first person to be arrested in the bank after he confessed to siphoning off Rs.122 crore from the bank o...