MUMBAI, 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 the crime. The EOW then arrested seven others and attached immovable properties worth Rs.167 crore. "They allegedly told Mehta that they could not only convert black money into white money by investing it in various charitable organisations but also give him Rs.22 crore in return," the officer added. However, Jaiswal instead made away with Rs.3.5 crore out of the Rs.15 crore. Jaiswal hailed from Jharkhand and was residing in Lucknow at the time of his arrest. After receiving a tip-off that he had recently reached his house in Lucknow, a team headed by senior inspector Dnyaneshwar Awari picked him up from there. "We have got his transit remand till July 7 and will produce him in a Mumbai court by Monday," said an EOW officer. The EOW probe began after a surprise audit by the Reserve Bank of India officials on February 12. The audit revealed that Rs.122 crore was missing from the bank's cash reserves at its Prabhadevi branch....