Sai Infosystems MD arrested in Liberia, brought to Ahmedabad

Jul 08 2014, 02:18 IST
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SummarySunil Kakkad, chairman and managing director of the Ahmedabad-based Rs 2,000-crore Sai InfoSystems...

Sunil Kakkad, chairman and managing director of the Ahmedabad-based R2,000-crore Sai InfoSystems (India), who has been missing along with his family since June last year, and had been on the run after allegedly cheating 1,400 employees as well as defaulting on bank loans to the tune of R1,000-1,200 crore, was brought to Ahmedabad from Liberia early on Monday by the Crime Branch.

Founded in 1992 by Kakkad, SIS was the largest IT company in Gujarat and had been the platinum sponsor of the Vibrant Gujarat summit. SIS had been facing a financial crunch since

August 2012, which led to delayed payment of salaries and other payments. Kakkad had “suddenly disappeared” on June 28, 2013.

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