New Delhi: In a major breakthrough in a high-profile banking and financial fraud case, the Central Bureau of Investigation (CBI) has successfully secured the arrest and extradition of key accused Kamlesh Parekh, who had been absconding for a prolonged period.
Parekh was apprehended in the United Arab Emirates based on an INTERPOL Red Corner Notice issued against him. Acting on India’s formal request, UAE authorities detained the accused and facilitated his deportation. He was brought back to India on May 1, where CBI officials took him into custody in New Delhi.
The coordinated operation was carried out under the supervision of India’s Ministry of External Affairs and Ministry of Home Affairs, reflecting the government’s intensified efforts to crack down on economic offenders fleeing abroad.
According to investigators, Parekh, along with other promoters and directors, is accused of orchestrating a large-scale financial fraud by diverting bank funds to overseas entities. The fraudulent transactions allegedly involved fictitious export activities, dubious financial routing, and misuse of formal banking channels.
The scam is believed to have caused losses running into thousands of crores to multiple financial institutions, including the State Bank of India and other banks. Officials suspect that the accused exploited systemic loopholes to siphon funds and evade regulatory scrutiny over an extended period.
CBI sources confirmed that Parekh is currently being interrogated to unravel the full extent of the conspiracy, including identifying other key associates and tracing the money trail across international jurisdictions. Investigators are also examining links to shell companies and potential hawala transactions.
The agency has been leveraging platforms like INTERPOL cooperation frameworks to track down fugitives. Officials revealed that more than 150 economic offenders have been brought back to India in recent years through similar international coordination.
The arrest is being viewed as a significant step in India’s ongoing crackdown on financial crimes and a strong message to economic offenders attempting to evade law enforcement by fleeing overseas.
