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CBI nabs accused on the run for 20 years in Ahmedabad bank fraud case

LiveMint logoLiveMint 09-05-2017 PTI

New Delhi: The Cental Bureau of Investigation (CBI) has arrested an absconder in a 20-year-old bank fraud case while he was returning from Canada under an assumed identity, officials said on Tuesday. People in the CBI said Vinay Kadam, wanted in the bank fraud case in Ahmedabad, was nabbed at Goa airport when he landed with a Canadian passport under the assumed identity of “Reagan Rollin”.

The agency had also issued a look out circular (LOC) and a red corner notice (RCN) against Kadam. “The CBI had registered a case on November 12, 1997 against six persons, including four bankers,” CBI spokesperson R.K. Gaur said on Tuesday. “It was alleged that the then director of Ahmedabad-based builder’s company (main accused in the case) had fraudulently obtained credit against 31 cheques amounting to Rs3.77 crore,” he said. Ranjender Singh Raolji, the director, allegedly did not repay the Bank of Baroda, causing a loss Rs3.77 crore.

Kadam was allegedly instrumental in aiding Raolji by issuing these cheques even though he did not have enough money in his account. He had fled to Canada and assumed an identity on which a passport of that country was also issued. Kadam was arrested in Goa while travelling on the passport, the sources said. “It was further alleged that the absconding accused was a proclaimed offender and an LOC was opened against him. Later, an RCN was also issued against him and an extradition proposal was also sent to Canada,” Gaur said.

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