The Central Bureau of Investigation (CBI) has got an important success in a major case of banking and financial fraud. Accused Kamlesh Parekh, who has been absconding for a long time, has been extradited to India from the United Arab Emirates (UAE). On May 1, Parekh was brought to India, where the CBI took him into custody as soon as he reached Delhi.
How was the action taken?
This action was carried out in coordination with the Ministry of External Affairs and the Ministry of Home Affairs. Interpol’s Red Corner Notice was issued against Parekh, on the basis of which he was tracked and detained in UAE. It was handed over to Indian agencies after India’s formal request and completion of the legal process between the two countries.
Allegations of fraud with many banks of the country
According to investigating agencies, Kamlesh Parekh is accused of large-scale banking and financial fraud. In this scam, a group of many banks in the country suffered huge losses, which was led by State Bank of India (SBI). It is estimated that funds worth hundreds of crores of rupees were misused in this case.
What came to light in the CBI investigation?
CBI investigation has revealed that Parekh, along with other promoters and directors, diverted the funds taken from the bank through companies based abroad. For this, fraudulent export activities, suspicious financial transactions and misuse of banking channels were resorted to.
According to sources, the accused carried out this fraud using his business network spread across many countries including UAE. The investigating agencies are now interrogating him and trying to find out the role of the entire network and other accused.
The CBI, which acts as the National Central Bureau for Interpol in India, coordinates with various law enforcement agencies in the country through the ‘Bharatpol’ platform. The result of this cooperation is that in the last few years, more than 150 wanted criminals have been brought back to India through Interpol channels. This latest action is being considered as another important example of strong cooperation between law enforcement agencies at the international level.