Fraudster CMD of SIS arrested in Liberia

Sunil Kakkad has been absconding after duping banks and employees in a Rs 2,000-crore scam case

Image
BS Reporter Ahmedabad
Last Updated : Jun 28 2014 | 7:38 PM IST
Sunil Kakkad, CMD of Ahmedabad-based Sai Info Systems (SIS) who has been absconding after duping banks and employees in a Rs 2,000-crore scam case, has been arrested by the local police in Liberia with the help of Interpol.

According to Pramod Kumar, ADGP (CID & Crime), the Ahmedabad police had been on Kakkad's lookout after a case was registered in the Vastrapur police station in 2013. "While we do not have any extradition treaty with Liberia, relevant documents have been sent. In few days we will arrange to bring him back to Ahmedabad," Kumar said.

Kakkad had allegedly duped banks and employees before absconding in June last year. Around 1,400 employees had not received salaries for almost nine months. Kakkad had also defaulted in loan payments worth over Rs 700 crore that were due with a consortium of banks that included SBI, Bank of Baroda, Allahabad Bank and Vijaya Bank.

 

 

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 28 2014 | 7:18 PM IST

Next Story