The Enforcement Directorate (ED) on Saturday said it has arrested the CMD of an Ahmedabad-based company in connection with a money laundering case linked to alleged multi-crore bank fraud.
Sunil Surendrakumar Kakkad, the chief managing director of Sai Infosystem (I) Ltd, was taken into custody by the probe agency under the Prevention of Money Laundering Act (PMLA) after he was intercepted by the international police agency Interpol in Liberia, it said.
The probe agency 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.
Following which, 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.
According to ED, in 1992 Kakkad had set up a partnership firm and later made the three firms “public limited companies” and “fraudulently” took a loan from banks.
It further alleged that Kakkad had “no intention” to pay back.
The chief managing director fled to Liberia via Dubai but was brought back to India with the help of Interpol, the agency further said.
Kakkad had already moved his family to Chicago in the USA, it added.
Though repeated summonses were issued to him, Kakkad was not joining the investigation, the ED said in its report.
It further said that Kakkad established various shell companies to indulge in “questionable” transactions, in addition to preparing forged financial documents of his various group entities.