New Delhi, Sep 21: The Enforcement Directorate arrested Sai Infosystem (I) Ltd Chief Managing Director Sunil Surendra Kumar Kakkad under the provisions of Prevention of Money Laundering Act (PMLA) in a bank fraud case, an official statement said here on Saturday.
The federal financial probe agency alleged that the accused, through his companies Sai Infosystem (I) Ltd, Atrium Infocomm Pvt Ltd and Click Telecom Pvt Ltd, had generated proceeds of crime to the tune of Rs 867.43 crore, laundered by him and an investigation under PMLA was initiated in 2018.
The investigation agency move comes after the registration of multiple FIRs by CBI against Kakkad, owner of the above said three companies and others, for cheating and causing wrongful loss, totalling to Rs 867.43 crore to various banks.
During the investigation of the case, the probing agency reveals that during 1992, the accused had set up a partnership firm and later, he made Sai Infosystem (I) Ltd, Atrium Infocomm Pvt Ltd and Click Telecom Pvt Ltd into public limited companies and fraudulently taken loan from the banks, with no intention to pay back.
'He fled to Liberia via Dubai, but was brought back to India with the help of Interpol. He had already moved his family to Chicago, US. Though repeated summons were issued to him, he was not joining the investigation under PMLA,' the ED officials said.
Investigation so far reveals that the accused has established multiple shell companies to indulge in questionable transactions, in addition to preparing forged financial documents of his various group entities, they added.
Further investigation in this case is under progress, the agency said. (UNI)