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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 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, and Vivek Harivyasi of the 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 run by family, they added.

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