CBI has registered a case in connection with a Rs 126 crore scam by an Ahmedabad-based company which allegedly cheated three public-sector banks, got its funds released without completing the necessary formalities and disappeared from the country.
CBI has named Click Telecom Pvt Limited and its Director Sunil Kakkad, founder of Sai Infosystem who was arrested in Liberia last year on Interpol notice on the request of Gujarat Police, for allegedly cheating State Bank of India, Vijaya Bank and Canara Bank which were providing consortium facilities to the company.
Sai Infosystem was also reported to be the Platinum Sponsor of Vibrant Gujarat 2013 organised in the state.
"The director of the said company allegedly expressed urgency for releasing the funds and got them released, pending execution of individual documents. After the release, he requested time up to August 31, 2013 and thereafter allegedly disappeared from India," CBI Press Information Officer R K Gaur said in a statement.
The action comes on a joint complaint by the three banks to the agency, he said.
"The verification done by the bank on the devolved LCs (Letter of Credit) revealed that the beneficiary companies were related and there were no genuine underlying transactions under these LCs. Similarly, term loan also was released to an extent of Rs 86 crore(approx)," Gaur said.
He said the verification of the vendor companies revealed that the director of the company was also on the board of these companies and the money disbursed was siphoned off without any real purchases.
"An alleged loss suffered by consortium of banks was Rs 126.40 crore(approx)," Gaur said.
Kakkad had fled the country in 2013 leaving in lurch over 1000 employees of the company.
"Searches are being conducted today in six places (two residences and four offices) at Ahmedabad, Gandhinagar and Vadej (Gujarat)," Gaur said.
