Enforcement Directorate arrests Ahmedabad-based firm CMD with Interpol's help for bank fraud

Sai Infosystem (I) MD Sunil Surendrakumar Kakkad was arrested after he was intercepted by the international police agency Interpol in Liberia.

Published: 21st September 2019 07:44 PM  |   Last Updated: 21st September 2019 07:44 PM   |  A+A-

Enforcement Directorate

Enforcement Directorate (File Photo | PTI)


NEW DELHI: The Enforcement Directorate said on Saturday it has arrested the CMD 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 (PMLA) after he was intercepted by the international police agency Interpol in Liberia, it said.

The Enforcement Directorate 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 CBI 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. The agency said that he fled to Liberia via Dubai but was brought back to India with the help of Interpol.  Kakkad had already moved his family to Chicago in the USA, it said.

The ED charged that though repeated summonses were issued to him, he was not joining the investigation.  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.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp