20 years later, CBI arrests bank fraud who was on Goa vacation

They are alleged to have set up 7 fake companies which had a zero balance. The dummy directors of the company issued 31 cheques worth Rs 3.77 crore.

A 20 year old hunt finally came to an end. This man who fled India 20 years back after defrauding a bank to the tune of Rs 3.77 crore landed in Goa on a vacation when he was arrested. The man identified as Vinay Kadam landed in Goa with a new name Regan Rollin when he was picked up by the Central Bureau of Investigation.

In his 60s now, this man had allegedly played a major role in defrauding the Bank of Baroda to the tune of Rs 3.77 crore in 1997. The CBI says that he was a director with a company in Mumbai. He is said to have helped one Rajendrasingh Mansingh Raolji, a director of an Ahmedabad-based real estate company to defraud the bank.

They are alleged to have set up 7 fake companies which had a zero balance. The dummy directors of the company issued 31 cheques worth Rs 3.77 crore. The money was then withdrawn with the help of some bank officials, the CBI said.

The CBI had issued a red-corner notice through the Interpol. He was untraceable for 20 years and was suspected to be hiding in Canada. However the CBI picked him up when he landed in Goa on a vacation.

OneIndia News