April 27, 2009

Indian Bank scam main accused arrested in France

The CBI achieved a major success in the Rs 13-billion Indian Bank scam with the arrest of the main absconding accused of the scandal M Varadarajulu of the MVR Group of Companies by French authorities near Paris.

Terming this as a major success, CBI spokesman S M Khan told reporters on Friday that the agency would soon be moving the French government for his extradition.

The 60-year-old Varadarajulu alias 'MVR', a major defaulter with an exposure of around Rs 4.68 billion, had been evading arrest for last four years and the CBI had secured a 'red corner' notice against him in 1998 besides cancelling his passport.

The accused, belonging to Tiruvarur in Tamil Nadu, had been staying in France under the assumed name of 'Louis Jalu' and had also managed a French passport in March 2001, Khan said.

He was arrested in the suburbs of Paris and a French magistrate sent him to detention pending a request from Indian authorities for his extradition.

Varadarajulu had fled the country immediately after the scam came into light, Khan said adding the CBI has registered 13 cases against him which involved his 15 Indian companies.

The agency has in all registered 45 cases in the Indian Bank scam out of which chargesheets have been filed in 21 cases, the spokesman said.

He said the accused had been staying in Singapore after managing a permanent residence status there. However, he fled the country immediately after the ministry of external affairs cancelled his passport and asked the Singapore authorities to extradite him.

Khan said that the accused had been travelling under assumed names to Dubai, Hong Kong, Thailand and The Netherlands on different passports.

The CBI alleged that the accused used to take loan from the Indian Bank and never returned it causing a colossal loss of Rs 4.68 billion to the bank.

Khan said the agency had enough evidence that the accused had entered into a criminal conspiracy with the then chairman and managing director of the bank M Gopalakrishnan (already arrested and now out on bail) and the duo had allegedly cheated Indian Bank.

He said in the absence of any extradition treaty with France, the CBI will send papers for his extradition through diplomatic channel.

The developments of the Indian Bank scam case are closely monitored by the Supreme Court.

This incident followed by passport officer's fraud.At this rate of corruption at all fields in all government fields and politicians.
Even god cannot save india from destruction.all corruption should be checked and this fellows should be hanged as there are possibility for another round of corruption after releasing from the jail.

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