Mumbai: The police have arrested three directors of a private firm as part of ongoing investigations into a bank fraud by Parekh Alluminex Ltd (PAL) against which lenders are now claiming close to Rs 4,000 crore.
Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo were arrested by the economic offences wing on Friday for cheating, forgery, breach of trust and criminal conspiracy following a complaint by Axis Bank against the firm for cheating it of Rs 250 crore.
Axis Bank is part of a group of over 20 creditors with exposure to the company. Those arrested on Friday are charged with floating fake invoices and manipulated bills through bogus companies to commit the fraud at the bank’s main branch, Fort, using letters of credit.
Police haven’t ruled out the role of bank officials in the case. Axis Bank’s complaint against Parekh Alluminex Ltd (PAL) also mentions directors Amitabh Parekh (died in 2013), Rajendra Gothi, Devanshu Desai, Kiran Parikh and Vikram Mordani.
