New Delhi: The Enforcement Directorate said on Saturday it has arrested the CMD of an Ahmedabad-based company in connection with a money laundering case linked to alleged multi-crore bank fraud, according to India’s online NDTV.
Sunil Surendrakumar Kakkad, the chief managing director of Sai Infosystem (I) Ltd, was arrested under the Prevention of Money Laundering Act (PMLA) after he was intercepted by the international police agency Interpol in Liberia, it said.
The Enforcement Directorate said Sunil Surendrakumar 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 CBI in connection with an alleged bank loan fraud case.
Probe revealed, the ED said, in 1992 Sunil Surendrakumar Kakkad set up a partnership firm and later made the three firms “public limited companies” and “fraudulently” took loan from banks.
It alleged Sunil Surendrakumar 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.
Sunil Surendrakumar Kakkad had already moved his family to Chicago in the USA, it said.
Though repeated summonses were issued to him, he was not joining the investigation, the ED charged.
It said Sunil Surendrakumar Kakkad has established multiple shell companies to indulge in “questionable” transactions, in addition to preparing forged financial documents of his various group entities.