The CBI today arrested the promoter of a telecom company in connection with a Rs 126 crore bank loan scam case. Sunil Kakkad, the promoter of Click Telecom, was arrested this evening for allegedly cheating a consortium of State Bank of India, Canara Bank and Vijaya Bank to the tune of Rs 126 crore, CBI sources said. The agency had registered the case against Kakkad in 2015.
Kakkad had allegedly expressed urgency for releasing the funds and got them released, pending execution of individual documents, the CBI had said after the registration of the case. After the funds were released, he allegedly fled from India.