CBI Secures Extradition Of Bank Fraud Accused Kamlesh Parekh From UAE

(MENAFN- AsiaNet News)

The Central Bureau of Investigation (CBI), in coordination with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA), has successfully secured the extradition of Red Notice subject Kamlesh Parekh from the United Arab Emirates (UAE) to India. According to the CBI, Parekh is wanted in connection with a case involving large-scale banking and financial fraud resulting in a loss of hundreds of crores to a consortium of banks led by the State Bank of India (SBI).

Details of the Alleged Fraud

"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.

International Coordination Leads to Extradition

Based on an Interpol Red Notice, the accused was located in the UAE. "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.

Parekh arrived in Delhi on May 1, where he was taken into custody by CBI's Bank Securities and Fraud Branch (BSFB), Kolkata.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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