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SFIO arrests three employees of Adarsh Group for siphoning off Rs 2 billion

These companies and other entities had taken huge loans from the Ahmedabad based Adarsh Credit Cooperative Society Ltd run by Mukesh Modi family

Press Trust of India  |  New Delhi 

black money

The Serious Fraud Investigation Office (SFIO) Monday arrested three individuals of Adarsh Group of companies for allegedly siphoning off more than Rs 2 billion, official sources said.

The SFIO, which comes under the Corporate Affairs Ministry, mainly probes white-collar crimes.

The sources said the agency arrested Mukesh Modi, Rahul Modi and Vivek Harivyasi of the Adarsh group of companies for committing alleged fraud by siphoning off more than Rs 2 billion.

These companies and other entities had taken huge loans from the Ahmedabad based Adarsh Credit Cooperative Society Ltd run by Mukesh Modi family, they added.

First Published: Mon, December 10 2018. 22:00 IST
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