CBI files chargesheet against promoter of Click Telecom

The Central Bureau of Investigation has filed a chargesheet against Sunil S Kakkad, director of Click Telecom, and several others for allegedly cheating SBI, Vijaya Bank and Canara Bank of Rs 126.40 crore.
The chargesheet was recently filed before a special CBI court in Mumbai, a CBI spokesperson said here today.
"The private telecom company was allegedly sanctioned several credit facilities which include cash credit, term loan and non fund based limits (LCs) to the tune of Rs 126 crore approx. The director had taken over this company from the earlier promoters," CBI spokesperson R K Gaur said.
The Ahmedabad-based company had won the bid for launching BSNL VVOBB (voice and video over broad band) in the country's southern and eastern zones and the director inflated the project costs to obtain huge funds from the banks, Gaur said in a statement.

"It was also alleged that no machinery was actually supplied and Letters of Credit were opened favouring associate companies. These LCs were allegedly discounted and funds siphoned off," he said.
Kakkad's role in six other cases is also being investigated, he said.
The funds involved in seven cases against him add to Rs 900 crore, CBI sources said.
Kakkad was arrested by the CBI on May 12 this year, he said.