New Delhi, Sep 21 (UNI) The Enforcement Directorate arrested Sai Infosystem (I) Ltd Chief Managing Director Sunil Surendra Kumar Kakkad under the provisions of Prevention of Money Laundering Act (PMLA) in a bank fraud case, an official statement said here on Saturday.
The federal financial probe agency alleged that the accused, through his companies Sai Infosystem (I) Ltd, Atrium Infocomm Pvt Ltd and Click Telecom Pvt Ltd, had generated proceeds of crime to the tune of Rs 867.43 crore, laundered by him and an investigation under PMLA was initiated in 2018.
The investigation agency move comes after the registration of multiple FIRs by CBI against Kakkad, owner of the above said three companies and others, for cheating and causing wrongful loss, totalling to Rs 867.43 crore to various banks.