Telecom firm promoter inactive for Rs 126 large integer loan scam
Sunil Kakkad, the promoter of Click Telecom, was arrested in Bombay for allegedly cheating a association of State Bank of India
, Canara Bank
and Vijaya Bank
to the tune of Rs 126 crore, CBI sources aforementioned.
The in remission company had allegedly been sanctioned several credit facilities, beside cash credit, term loan and non- fund primarily based limits (LCs), to the tune of Rs 126 whole number, CBI voice R K gaur same in metropolis.
He aforementioned Kakkad had confiscate Click Telecom
from its earlier promoters.
"It was more alleged that this company had won the bid for launching of BSNL VVOBB (voice and video over broadband) project in southern and jap zones of the country and therefore the suspect inflated the project prices to get Brobdingnagian funds from the banks," the interpreter aforementioned.
He aforementioned it absolutely was conjointly alleged that no machinery was truly provided and letters of credit (LCs) were opened favouring associate corporations.
"These Letters of credit were allegedly discounted and funds siphoned off. Role of the suspect (Kakkad) in six different cases are being investigated," he said.
Cumulative funds concerned in seven cases against him square measure over Rs 900 large integer, the CBI sources aforementioned, adding that funds of Corporation Bank, SBI, banking concern of Bikaner and Jaipur, Allahabad Bank, Bank of Baroda and Vijaya Bank were siphoned off inthese cases.
Kakkad are made in a very special court in Bombay