Rs.2,6720000000 Scam: India’s Biggest Multi-Bank Fraud Accuse Kamlesh Parekh Extradited From UAE, Arrested By CBI
Rs.2,6720000000 Scam: India’s Biggest Multi-Bank Fraud Accuse Kamlesh Parekh Extradited From UAE, Arrested By CBI
Main accused in decade-old multi-bank fraud case brought back to India after international manhunt
In a major breakthrough in one of India’s biggest bank fraud cases, the Central Bureau of Investigation (CBI) has arrested fugitive businessman Kamlesh Parekh after his extradition from the United Arab Emirates.
Parekh, the promoter of Kolkata-based Shree Ganesh Jewellery House (I) Ltd, is accused of orchestrating a massive fraud involving around ₹2,672 crore. The case, registered in 2016, pertains to alleged cheating of a consortium of 25 banks led by the State Bank of India.
According to officials, Parekh had been absconding for several years after the investigation began. A Red Corner Notice was issued against him in 2024, following which he was traced and detained in the UAE with the help of international agencies. He was extradited to India on May 1 and taken into custody by the CBI upon arrival in Delhi.
Investigators allege that the company’s promoters and officials conspired to siphon off large sums of money using complex financial routes, including offshore accounts and entities. The fraud reportedly involved misrepresentation and diversion of funds obtained from multiple banks.
The CBI had filed a chargesheet in the case in December 2022, naming Parekh as the main accused. His arrest is expected to accelerate the probe, with agencies looking into the involvement of other individuals and entities linked to the alleged scam.
Following his arrest, Parekh is set to be produced before a court in Delhi. Authorities are expected to seek transit remand to take him to Kolkata, where further investigation and legal proceedings will continue.
Officials highlighted that the arrest reflects increasing coordination between Indian agencies and international authorities in tracking down economic offenders who flee the country. The case also underscores ongoing efforts to bring back absconding accused involved in large-scale financial frauds.
The investigation remains active, with agencies continuing to examine the broader network and financial trail associated with the case.
