CBI arrests Sunil Kakkad of Sai InfoSystems

By Sejuti Das May 15th 2017
CBI arrests Sunil Kakkad of Sai InfoSystems

The Gujrat-based IT solution provider, Sai InfoSystem has duped banks of Rs 126 crore.

The Central Bureau of Investigation, last Friday, arrested Sunil Kakkad, director of an Ahmedabad and Mumbai-based IT solution provider Sai InfoSystem, for defrauding banks of  Rs 126 crore. In 2015, CBI had registered a case against Kakkad for a loan scam involving several banks, such as SBI, Canara Bank, and Vijaya Bank.

SIS made headlines in 2013 after Kakkad fled the country without paying his employees their salaries totaling Rs 40 crore. Later, he was arrested from Liberia in 2014, by the local police. Last year, he was granted bail by the Gujarat High Court.

ChannelWorld India spoke to R K Gaur, CBI spokesperson, about the investigation. “We have investigated the man for seven cases involving Sai InfoSystem, Click Telecom, Atrium InfoComm, and several banks such as SBI, Canara, and Vijaya Bank,” said Gaur.

The telecom company had been taken by Kakkad and was alleged that the company was sanctioned several credit facilities such as cash credit, term loan and non-fund based limits amounting to approximately Rs 126 crore.

R K Gaur, CBI spokesperson

Gaur further said, "The recent arrest has been done post the investigation of loan scamming perpetrated by Click Telecom, a subsidiary company owned by Kakkad." Adding to it, he said the telecom company had been taken by Kakkad and was alleged that it was sanctioned several credit facilities such as cash credit, term loan and non-fund-based limits amounting to approximately Rs 126 crore.

The CBI’s release stated that this company had won the bid for the launching of BSNL Voice and Video Over Broadband project in the southern and eastern zones of the country, and then inflated the project costs to obtain huge funds from the banks. It was also reported that no machinery was actually supplied, and letters of credit (LCs) were opened favoring Kakkad's associate companies.

With the recent case, Kakkad is currently accused of duping banks of Rs 918 crore, and he will soon be produced in the designated court.

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