Enforcement Directorate (ED) has arrested the Chief Managing Director of Sai Infosystem Sunil Surendrakumar Kakkad under Prevention of Money Laundering Act, PMLA in a bank fraud case.
ED in a statement said, investigation under PMLA was based on multiple FIRs of CBI against the accused Kakkad and others of cheating and causing wrongful loss of over 867crore rupees to various banks.
It said, investigation under PMLA reveals that during the year 1992, accused Kakkad had set up a partnership firm.
Later he made public limited companies and had fraudulently taken loans from the banks with no intention of paying back. The accused fled to Liberia via Dubai but was brought back to India with the help of Interpol.
The Agency said, though repeated summons was issued to him he was not joining the investigation under PMLA. Investigation so far reveals that the accused has established multiple shell companies to indulge in questionable transactions and prepared forged financial documents of his various group entities
