Dubai police seeks extradition of Indian businessman

Dubai, May 15 (UNI) A team of Dubai Police will be sent to India to pursue a fugitive Indian metal trader.

Madhav Babubhai Patel, fled the UAE in 1999 after allegedly swindling several banks for about 12 billion Indian rupees.

Dubai police yesterday said the UAE had good ties with India and wanted New Delhi to extradite him. However, reports said India has so far not received any request from the UAE for the extradition of the 49-year-old businessman.

Patel is also wanted by the UK, Switzerland and Belgium.

According to reports he, along with his father Babubhai Patel, 70, swindled 16 banks in India for about Rs two billion.

Police said the affected banks had submitted documents and copies of judicial ruling against the absconder to press for legal action.

Patel's British-registered firm, Solo Industries, which ran metal-smelting businesses in the UAE, secured letters of credit on shipments of metals to the country.

Patel and his associates created bills of lading, which in reality were not shipped at all, the charges against him said.

These transactions were created using shell companies registered in the UK and Europe that belonged to Patel, the reports added.

UNI