1. CBI arrests jewellery house promoter in bank cheating case

CBI arrests jewellery house promoter in bank cheating case

The CBI today arrested the promoter of a jewellery house for allegedly cheating an SBI- led consortium of 25 banks to the tune of Rs 2,223 crore.

By: | New Delhi | Updated: May 8, 2017 9:02 PM
The agency had issued a Look-Out Circular against Parekh, who had been absconding and had not joined the CBI probe, the agency sources said. (PTI)

The CBI today arrested the promoter of a jewellery house for allegedly cheating an SBI- led consortium of 25 banks to the tune of Rs 2,223 crore.  Chairman and promoter of Kolkata-based Sri Ganesh jewellery house Nillesh Parekh was arrested at Mumbai airport on his return from Dubai.

The agency had issued a Look-Out Circular against Parekh, who had been absconding and had not joined the CBI probe, the agency sources said.

He had availed a total loan of Rs 2,672 crore from the consortium of banks while the loss to the State Bank of India-led consortium was Rs 2,223 crore, the sources said.

He had allegedly defrauded the banks by diverting the loan money and also through fraudulent exports to shell companies in Hong Kong, Singapore and the UAE, they said, adding that Parekh did not repay the borrowed amount. 

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