CBI Arrests Kolkata-Based Jewellery House Promoter for Fraud

Kolkata jewellery house owner Nilesh Parekh was arrested by the CBI for defaulting on a 2,223-crore loan.

Nilesh Parekh was arrested by the CBI at the Mumbai airport on Monday. (Photo: The Quint)

• The CBI on Monday arrested the promoter, Nilesh Parekh, of the Kolkata-based Shree Ganesh Jewellery House, for allegedly cheating a consortium of 25 banks led by the State Bank of India, to the tune of Rs 2,223 crore.
• The CBI had issued a Look-Out Circular against Parekh, who had been absconding and had not joined the CBI probe. Parekh was arrested at the Mumbai airport while returning from Dubai.
• He had allegedly defrauded the banks by diverting the loan money and also through fraudulent exports to shell companies in Hong Kong, Singapore and the UAE, they said, adding that Parekh did not repay the borrowed amount.

(With PTI inputs)