UAE
CBI Arrests Kamlesh Parekh Following Extradition From UAE in $318m Fraud Case
Kamlesh Parekh, wanted for a $318 million bank fraud, has been extradited from the UAE to India to face federal trial.
India’s Central Bureau of Investigation (CBI) has arrested Kamlesh Parekh, a key promoter of Shree Ganesh Jewellery House, following his extradition from the UAE. Parekh faces charges related to a massive bank fraud case totaling Rs 2,672 crore (approximately $318 million), ending a multi-year pursuit by international law enforcement agencies. Extradition From Dubai Parekh was detained in Dubai after Indian authorities issued a Red Notice through Interpol. His return to India follows extensive coordination between the UAE Ministry of Interior and Indian federal investigators. This extradition is part of a broader crackdown on high-profile economic offenders who have sought refuge in the Gulf region. Case Background and Financial Impact The CBI case alleges that Parekh and his associates defrauded a consortium of 25 banks led by the State Bank of India. According to investigators, Shree Ganesh Jewellery House utilized fraudulent credit facilities and diverted funds through various shell companies between 2013 and 2018. The company, once a major gold exporter, reportedly defaulted on significant loans while misrepresenting financial records to lenders. Judicial Proceedings Upon his…