<h1>Fugitive Bank Chairman and Wife Declared Proclaimed Offenders in Rs 122 Crore Cooperative Bank Embezzlement Case</h1> A court in Mumbai has declared a former bank chairman and his wife as proclaimed offenders in a Rs 122 crore embezzlement case at New India Cooperative Bank. The couple fled the country before the fraud was discovered in February. Eight individuals have been arrested, including the former General Manager and CEO. Authorities issued a Blue Corner Notice to locate the fugitives and searched their properties. Investigation revealed that many non-performing loan accounts were sold to an asset reconstruction company at significantly reduced values, with the bank receiving only a fraction of the original loan amounts in some cases. A forensic audit will be conducted.