Bank blames Kakkad of Rs 1,035-cr loan fraud

Sunil Kakkad, chairman and managing director (CMD) of Sai InfoSystem (SIS), has allegedly taken a loan of Rs1,035 crore from seven different banks and disappeared without repaying it.

Assistant general manager (AGM) of the State Bank of India, Pravin Muralia, on Friday requested police inspector PM Sarvaiya of Navrangpura police station to take action against Kakkad, who has been missing since June 27.

According to Sarvaiya, Muralia gave details of the loans taken by Kakkad from SBI and five other banks for three of his firms — SIS, Atrium Infocom and Click Telecom.

In his application to the police, Muralia claimed that Kakkad had mortgaged his property to avail of a loan amounting to Rs1,035 crore. For SIS, Kakkad took Rs 794.32 crore as loan from five banks of Ahmedabad. They are SBI Ashram Road, State Bank of Bikaner and Jaipur, IDBI, Bank of Baroda Ashram Road and Allahabad Bank.

For Atrium Infocom, Kakkad took a loan of Rs97.20 crore from SBI and Vijaya Bank. For Click Telecom, he took a loan of Rs 144.16 crore from SBI, Vijaya Bank and Canara Bank.

After going through the details of Muralia’s application, Sarvaiya told him to file a civil suit as the loan was taken against mortgaged property. “The police cannot register a complaint in such matters. However, I also suggested that he lodge a complaint of cheating if they find out any fraudulent methods adopted by Kakkad to get loan. A police complaint will be lodged if banks find out that Kakkad had forged the documents or mortgaged one property with more than one bank to get the loan,” said Sarvaiya.