Ratul Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath, was arrested on Tuesday morning by the Enforcement Directorate for an alleged Rs. 354 crore bank fraud case.
He was arrested on the day his anticipatory bail given by the High Court ends. The arrest was made even a day before the court is going to hear on Ratul Puri’s plea to cancel the arrest warrant.
A former senior executive of the electronics firm Moser Baer, Ratul Puri has been charged by the CBI on a complaint by state-run Central Bank of India, which alleged that the company had taken loans from various banks since 2009 and misused the money. Mr Puri and four former directors are accused of forging bank documents for a Rs. 354 crore-swindle.
Moser Baer managing director Deepak Puri, and directors Nita Puri, Sanjay Jain and Vineet Sharma were also in the list of accused. In a statement, Moser Baer called the arrest unfortunate.
Mr Puri has been the subject of a number of separate investigations in recent months, ranging from tax fraud to the AgustaWestland chopper scam involving allegations of bribe to facilitate a Rs. 3,600 crore deal for a dozen luxury helicopters for Indian VIPs in 2007, when the Congress-led UPA was in power. On Monday, he was summoned by the Enforcement Directorate in connection with the Agusta case and after brief questioning, arrested for the alleged bank fraud.