The Mumbai police’s Economic Offences Wing (EOW) has arrested the son of a businessman wanted in connection with the embezzlement of Rs 122 crore at the New India Cooperative Bank, an official said on Friday.

The EOW on Thursday arrested Manohar Arunachalam (33), the son of on the run accused Unnathan Arunachalam, the official said, adding this is the fourth arrest in the case.

Manohar Arunachalam is pursuing chartered accountancy and operates a firm, Magas Consultancy, in Malad, he said.

In the evening, the EOW also issued a notice for Unnathan Arunachalam alias Arun bhai and declared a suitable reward for anyone providing information leading to his arrest. He is accused of taking Rs 40 crore from the embezzled amount. A lookout circular has also been issued for him, the official said.

“Manohar helped his father, who deals in solar panels, to flee. Our probe has revealed he was with his father when the latter absconded. Unnathan Arunachalam used to sit at the consultancy firm office, where New India Co-Operative Bank’s arrested general manager and head of accounts Hitesh Mehta visited twice,” the official said.

“Mehta had handed over Rs 15 crore to Arunbhai in May 2019 and 18 crore on August 2019 in the same office. Manohar was also present during this cash handover. He was seen with his father on February 17 near his residence. Unnathan Arunachalam was seen sitting in the autorickshaw and going towards Borivali,” he said.

Manohar was arrested from the northern suburb of Dahisar and a court remanded him in police custody till March 4, the official said.

The embezzlement came to light after the Reserve Bank of India inspected the lender’s cash safes, following which a case was registered at Dadar police station. The probe was then transferred to the EOW.

The EOW has so far arrested main accused Mehta, the bank’s former CEO Abhimanyu Bhoan and real estate developer Dharmesh Paun.

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