&imwidth=800&imheight=600&format=webp&quality=medium "CBI nabs fugitive Kamlesh Parekh after UAE extradition in Rs 2,672 crore bank fraud case")
The Central Bureau of Investigation (CBI) of India has arrested Kamlesh Parekh, an absconding accused in a Rs 2,672 crore bank fraud case, after his extradition from the United Arab Emirates (UAE). Parekh’s extradition was successfully secured in coordination with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA). A Red Notice was issued for him, after which he was arrested by the UAE authorities and brought to India.
According to the CBI, Parekh is wanted in connection with a major banking and financial fraud case that reportedly caused losses amounting to hundreds of crores to a consortium of banks led by the State Bank of India (SBI). According to officials, he was involved in a conspiracy with other promoters and directors, aimed at siphoning off bank funds through a network of overseas entities.
Investigators revealed that Parekh allegedly played a key role in diverting funds using international business operations, particularly in the UAE. He is accused of managing export-related activities and financial transactions of the company and its associated entities abroad through fraudulent means. These included manipulating financial records and misusing established banking channels to move funds illicitly.
“The accused, in conspiracy with other promoters and directors, facilitated diversion of bank funds through a network of overseas entities and business activities, including in the UAE, while actively managing export-related operations and financial transactions of the company and its associated entities abroad by using fraudulent practices such as manipulation of financial transactions and misuse of banking channels,” according to an official statement.
Following an Interpol Red Notice, the accused was tracked to the UAE, where he was detained by the authorities following India’s request.
“Upon India’s request, the subject was detained by UAE authorities. Following due legal proceedings and close coordination between Indian and UAE authorities, it was decided to hand over the subject to Indian authorities,” the statement added.
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Parekh arrived in Delhi on May 1, where he was taken into custody by the CBI’s Bank Securities and Fraud Branch (BSFB), Kolkata. Further investigation and legal proceedings in the case are expected to continue as authorities seek to uncover the full extent of the fraud and identify other individuals involved.
