The Ahmedabad Crime Branch arrested Sunil Kakkad the wanted chairman and managing director of IT firm- Sai Infosystem Pvt Ltd and brought him from Liberia to Ahmedabad early on Monday. Kakkad was on the run after cheating 1400 employees of his company without paying salaries and arrears and siphoned off nearly Rs. 40 crores to other privately owned companies.
Kakkad was arrested at the Liberia airport last week due to an Interpol notice issued against him. He was wanted in the city for two cheating cases in addition to other complaints of several banks in Ahmedabad that gave loans to Kakkad for business projects.
The CID (Crime) team of State Police had received information from Liberia that Kakkad had tried to board a flight and he was arrested by the airport authorities. The CID had formed a team of the crime branch officers to go to Liberia to take Kakkad’s custody.
Kakkad was brought in Qatar Airways where he allegedly created ruckus with the crime branch officials. When the aircraft halted at Casablanca airport at Morocco, Kakkad began shouting and screaming that left the airport authorities intervene and ask crime branch officials and Kakkad to get off.
However when the senior authorities from the crime branch spoke to the Qatar Airways, the team was allowed to board the flight back to bring him to Ahmedabad.
Kakkad was ‘missing’ from June 18, 2013 with his family after duping 1400 employees of his company without paying them salaries for nine months and other arrears.
Two senior employees of SIS, then Associate Vice President Amit Mathur and then senior Vice President Sangeet Nigam had given written complaints to the Ahemdabad Crime Branch charging Kakkad and his brother Sameer Kakkad, then Director Prem Behl and Bageshree Bhupen Savani, then PA to the CMD.
Later, a Haryana-based dealer to SIS had registered a complaint for cheating of Rs 1.10 crore when the company failed to pay the dues. Moreover, the company also faced cheating allegation from the Industrial Finance branch of State Bank of India (SBI) which alleged that the company mortgaged the same assets to more than one institution.
According to police, Kakkad had taken loans worth Rs 794.32 crore from SBI, State Bank of Bikaner and Jaipur, IDBI, Bank of Baroda, Corporation Bank and Allahabad Bank for the flagship company, Rs 97 crore for Attrium Corporation and Rs 144 crore for Click Trekkon.
The police said that before absconding from the country, Kakkad “transferred” around Rs 27.83 crore, from Sai Info account with State Bank of India, Ahmedabad, to his various group companies named Tanya, Swan, Power Info, Cameo, and Blue Eye. He had also transferred Rs 10 crore from his another group company, Click Telecom Pvt Ltd, to a third group company Power Info and Rs. 2 crore from the account of his another group company Atrium InfoComm Pvt Ltd, to Power Info-Control & Services Pvt Ltd.
The police further said that the complainants had informed that Kakkad set up SIS Global (USA), INC in Oak Brook, Illinois, SIS Global (FZE) in UAE and Kompac Technologies Ltd in Hong Kong.
The complainants had told police that Kakkad had give ‘fabricate’ balance sheets for the last two fiscal years to reflect huge profits and to cheat the employees, bankers and government-owned companies”.
Kakkad, an electronics and communications engineer had set up the company in 1992 that grew to be the biggest ICT solutions providers. The company was said to be at the peak of it’s revenue in Rs. 1500 crores in 2010-11 and started facing the crunch in August 2012.