NEW DELHI: The Enforcement Directorate said on Saturday it has arrested the CMD of a Ahmedabad-based company in connection with a money laundering case linked to an alleged multi-crore bank fraud.
Sunil Surendrakumar Kakkad, the chief managing director of Sai Infosystem (I) Ltd, was arrested under the Prevention of Money Laundering Act (PMLA) after he was intercepted by the international police agency Interpol in Liberia, it said.
The Enforcement Directorate said Kakkad, through his companies — Sai Infosystem (I) Ltd, Atrium Infocomm Pvt. Ltd and Click Telecom Pvt Ltd based in Ahmedabad — generated “proceeds of crime” to the tune of Rs 867.43 crore which was also laundered by him.
The agency filed a criminal case of money laundering against him last year after going through a 2015 FIR of the CBI in connection with an alleged bank loan fraud case. (AGENCIES)