<h1>Ex-New India Coop Bank GM and developer arrested for Rs 122 crore fraud; Economic Offences Wing investigates audit failures.</h1> New India Coop Bank's former general manager and a real estate developer are in custody over the alleged embezzlement of Rs 122 crore, discovered after a Reserve Bank of India inspection. The ex-manager allegedly instructed staff to hand over large sums from the bank's safes. Two staff members confirmed delivering Rs 50 lakh multiple times to individuals sent by him. The Economic Offences Wing is investigating, focusing on why audits failed to detect the misappropriation. Statements from auditors and former bank officials are being recorded. One suspect remains at large with Rs 50 crore.