Officials said the banks sustained losses to the tune of Rs 126 crore.
Mumbai: The Central Bureau of Investigation (CBI) on Friday arrested Sunil Kakkad, a former director of an Ahmedabad-based private telecom company, Click Telecom, in connection with an on-going probe into alleged irregularities connected to securing loans worth Rs 126 crore from a consortium of banks including the State Bank of India, Canara Bank and Vijaya Bank. Kakkad allegedly fled the country after securing funds from the consortium of banks, without completion of necessary documentation, following which a case was registered against him.
Officials said the banks sustained losses to the tune of Rs 126 crore. It was alleged that the telecom firm was sanctioned several credit facilities, which included cash credit, term loan and non-fund based limits (LCs) to the tune of Rs 126 crore. “Kakkad, had taken over this company from the earlier promoters. It was further alleged that this company had won the bid for launching of Bharat Sanchar Nigam Limited’s VVOBB (Voice and Video over Broad Band) project in the southern and eastern zones of the country and the accused inflated the project costs to obtain huge funds from the banks,” stated a release from the CBI.