A Former General Manager and CEO of The City Co-Operative Bank and a person who had taken loan from the bank have been arrested by the Economic Offences Wing (EOW) of the Mumbai police in a R96.45-crore scam, on Monday. 

The probe by the EOW revealed that from November 2010 to May 2015, a total of 56 borrowers, individuals as well as companies, received loans despite not having repayment capacity or the value of the mortgaged property was inflated, resulting in the loans turning into non-performing assets (NPA).