Bank Fraud: Enforcement Directorate Arrests Ahmedabad Firm CMD With Interpol’s Help
The Enforcement Directorate said on Saturday it has arrested the Chairman and Managing Director of a Ahmedabad-based company in connection with a money laundering case linked to an alleged multi-crore bank fraud.
Sunil Surendrakumar Kakkad, the chief managing director of Sai Infosystem (I) Ltd, was arrested under the Prevention of Money Laundering Act after he was intercepted by the international police agency Interpol in Liberia, it said.
The ED said Kakkad, through his companies -- Sai Infosystem (I) Ltd, Atrium Infocomm Pvt. Ltd. and Click Telecom Pvt Ltd. based in Ahmedabad -- generated "proceeds of crime" to the tune of Rs 867.43 crore which was also laundered by him.
The agency filed a criminal case of money laundering against him last year after going through a 2015 FIR of the Central Bureau of Investigation in connection with an alleged bank loan fraud case.
Probe revealed, the ED said, in 1992 Kakkad set up a partnership firm and later made the three firms "public limited companies" and "fraudulently" took loan from banks.
It alleged Kakkad had "no intention" to pay back.
He fled to Liberia via Dubai but was brought back to India with the help of Interpol, the agency said.
Kakkad had already moved his family to Chicago in the U.S., it said.
Though repeated summonses were issued to him, he was not joining the investigation, the ED charged.
It said Kakkad has established multiple shell companies to indulge in "questionable" transactions, in addition to preparing forged financial documents of his various group entities.