CBI Brings Back Indian Citizen Kamlesh Parekh from UAE Amid Investigation into Overseas Transactions

CBI Secures Extradition of Red Notice Subject from UAE

The Central Bureau of Investigation (CBI), in coordination with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA), has successfully secured the extradition of Red Notice subject Kamlesh Parekh from the United Arab Emirates (UAE) to India.

According to the CBI, Parekh is wanted in connection with a case involving large-scale banking and financial fraud resulting in a loss of hundreds of crores to a consortium of banks led by the State Bank of India (SBI).

Parekh is accused of conspiring with other promoters and directors to facilitate the diversion of bank funds through a network of overseas entities and business activities, including in the UAE, while actively managing export-related operations and financial transactions of the company and its associated entities abroad by using fraudulent practices such as manipulation of financial transactions and misuse of banking channels.

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Based on an Interpol Red Notice, the accused was located in the UAE. Upon India's request, the subject was detained by UAE authorities. Following due legal proceedings and close coordination between Indian and UAE authorities, it was decided to hand over the subject to Indian authorities.

Parekh arrived in Delhi on May 1, where he was taken into custody by CBI's Bank Securities and Fraud Branch (BSFB), Kolkata.