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CBI Extradites Fugitive Kamlesh Parekh from UAE in Bank Fraud Case

The CBI has successfully coordinated the extradition of Red Notice subject Kamlesh Parekh from the UAE to India. Parekh is wanted in connection with a large-scale banking and financial fraud that caused hundreds of crores in losses to a consortium of banks led by the State Bank of India. He was detained by UAE authorities following an Interpol Red Notice and handed over to Indian authorities after legal proceedings. Parekh arrived in Delhi on May 1 and was taken into custody by CBI's Bank Securities and Fraud Branch in Kolkata.

Key Points: CBI Extradites Kamlesh Parekh from UAE in Bank Fraud

  • CBI coordinates extradition of Kamlesh Parekh from UAE
  • Parekh wanted in large-scale banking fraud case
  • Fraud caused hundreds of crores loss to SBI-led consortium
  • Accused used fraudulent practices like manipulation of transactions
  • Parekh arrested in Delhi on May 1 by CBI's BSFB Kolkata
2 min read

CBI coordinates return of wanted fugitive Kamlesh Parekh from UAE in alleged bank fraud case

CBI secures extradition of Red Notice subject Kamlesh Parekh from UAE in a major bank fraud case involving SBI-led consortium loss of hundreds of crores.

"The accused, in conspiracy with other promoters and directors, facilitated diversion of bank funds through a network of overseas entities - CBI"

New Delhi, May 2

The Central Bureau of Investigation, in coordination with the Ministry of External Affairs and the Ministry of Home Affairs, has successfully secured the extradition of Red Notice subject Kamlesh Parekh from the United Arab Emirates to India.

According to the CBI, Parekh is wanted in connection with a case involving large-scale banking and financial fraud resulting in a loss of hundreds of crores to a consortium of banks led by the State Bank of India (SBI).

"The accused, in conspiracy with other promoters and directors, facilitated diversion of bank funds through a network of overseas entities and business activities, including in the UAE, while actively managing export-related operations and financial transactions of the company and its associated entities abroad by using fraudulent practices such as manipulation of financial transactions and misuse of banking channels," according to an official statement.

Based on an Interpol Red Notice, the accused was located in the UAE.

"Upon India's request, the subject was detained by UAE authorities. Following due legal proceedings and close coordination between Indian and UAE authorities, it was decided to hand over the subject to Indian authorities," the statement added.

Parekh arrived in Delhi on May 1, where he was taken into custody by CBI's Bank Securities and Fraud Branch (BSFB), Kolkata.

- ANI

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Reader Comments

K
Kavya N
Great coordination between ministries and UAE authorities. But the real question is—will the money ever come back? These fraudsters stash crores abroad and we taxpayers end up bearing the burden. Need faster recovery mechanisms.
J
James A
Impressive action by Indian agencies. Extradition from UAE is never easy—legal processes can be tricky. The fact that they got him in 24 hours shows the growing trust between India and UAE in security matters.
M
Meera T
One down, hundreds to go. Our banking system has been leaking like a sieve for decades. While I appreciate this extradition, we need stricter regulations and faster prosecution. Otherwise these are just token victories.
S
Sarah B
This is how international cooperation should work. Red Notices exist for this exact reason. Good to see India leveraging Interpol effectively. Hope the investigation unravels the entire network of shell companies involved. 🕵️‍♂️
R
Rohit P
Yaar, SBI ko hundreds of crores ka loss? That's our money! The common man's savings. I'm glad he's been brought back but we need to ensure conviction happens fast. Too many of these cases drag on for years in our courts. Justice delayed is justice denied.
N
Naveen S
Good step. But I hope the agencies also

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