CBI today arrested the promoter of a telecom company from Mumbai in connection with a Rs 126 crore bank loan scam case. CBI informed that the promoter of Click Telecom, Sunil Kakkad, was arrested for allegedly cheating a consortium of State Bank of India, Canara Bank and Vijaya Bank to the tune of Rs 126 crore. The agency had registered the case against Kakkad in 2015.
CBI spokesperson R K Gaur informed in Delhi that the telecom company had allegedly been sanctioned several credit facilities, including cash credit, term loan and non- fund based limits (LCs), to the tune of Rs 126 crore.
It was further alleged that this company had won the bid for launching of BSNL VVOBB (voice and video over broad band) project in southern and eastern zones of the country and the accused inflated the project costs to obtain huge funds from the banks.
Cumulative funds involved in seven cases against him are over Rs 900 crore, the CBI sources said, adding that funds of Corporation Bank, SBI, State Bank of Bikaner and Jaipur, Allahabad Bank, Bank of Baroda and Vijaya Bank were siphoned off in these cases. Kakkad will be produced in a special court in Mumbai tomorrow.