Telecom firm promoter arrested for Rs 126 crore bank loan scam

By: |
New Delhi | May 12, 2017 7:11 PM

The agency had registered the case against Kakkad in 2015.

CBI, telecom company, Rs 126 crore bank loan scam case, Sunil Kakkad, Click Telecom, cheating a consortium of State Bank of India, Canara Bank, Vijaya BankSunil 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.(Reuters)

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.

Also Watch:

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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Patna serial blasts 2013: Nine accused convicted by NIA court, one acquitted in absence of evidence
2Amarinder Singh confirms launch of new party, says awaiting clearance from Election Commission
3Eminent Gandhian S N Subba Rao passes away in Jaipur