Economic Offences Wing (EOW) of Mumbai Police has arrested former chief executive officer (CEO) of the New India Co-Operative Bank Abhimanyu Bhoan in a Rs 122 crore embezzlement case, an official said on Friday. This is the third arrest in the case. The bank's general manager Hitesh Mehta is accused of misappropriating a total of Rs 122 crore in cash from the bank's safe over a period of time. Bhoan had been called to record his statement on Thursday and Friday. After his role in the crime became apparent during the interrogation, he was placed under arrest late Friday night, said an EOW official. The EOW had earlier arrested Hitesh Mehta and developer Dharmesh Paun in the case. The alleged misappropriation of funds came to light following an inspection by the Reserve Bank of India.