Tuesday, January 19, 2021

Man Wanted In 100 Crores Bank Loan Fraud Arrested At Ahmedabad Airport

New Delhi: The Enforcement Directorate on Tuesday said it has arrested an absconder who was wanted in alleged bank frauds worth about ₹ 100 crore under money laundering charges from the Ahmedabad international airport.

Narendra Kumar Patel, director of Jay Ambe Gauri Chem Limited, was produced before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad that sent him to Enforcement Directorate custody till January 29, the central agency said in a statement.

"Patel had deliberately absconded in 2015 and had fled the country along with his family and was residing in the USA. He could not be interrogated by the CBI. He was purposefully staying abroad and was enjoying the proceeds of crime," it said.

Last year, the Enforcement Directorate had issued a look out circular (LOC) against him based on which the immigration authorities detained him at the Ahmedabad international airport and intimated the agency.

The Enforcement Directorate money laundering case against the businessman is based on a 2018 CBI FIR that alleged that Patel and others "had committed fraud and cheated the SBI to the tune of ₹ 65.29 crore".

19/01/21 PTI/NDTV

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