The Central Bureau of Investigation (CBI) has arrested an absconding accused, Kamlesh Parekh, in a major bank fraud case of ₹2672 crore.
The arrest was made on 1 May 2026 after his extradition from the UAE. The case is related to Shree Ganesh Jewellery House (I) Ltd., Kolkata.
According to CBI, the case was registered in 2016 by its Kolkata branch against the company and others. They were accused of cheating a group of 25 banks and causing a loss of ₹2672 crore. Kamlesh Parekh, who is the promoter of the company, was chargesheeted on 31 December 2022.
Ab FIR was lodged by the CBI in connection with an alleged bank fraud of approximately Rs 2,672 crore involving a consortium of 25 banks led by the State Bank of India.
Investigation revealed that company and its promoters allegedly obtained and enhanced credit facilities based on false financial statements and inflated export bills, and subsequently diverted and siphoned off loan funds through a network of domestic and overseas entities.
Investigation under the PMLA established that a substantial portion of the bank loan funds sanctioned for the jewellery business was diverted into a solar power project through M/s Alex Astral Power Pvt. Ltd.
Company allegedly infused Rs 120 crore as equity through five conduit entities that had no independent business activity. The project further availed Rs 280 crore in bank finance backed by corporate guarantees from SGJHIL, resulting in total investments of around Rs 400 crore.
Further investigation revealed that the solar power plant, backed by a long-term Power Purchase Agreement ensuring stable revenue, was allegedly transferred through sham and grossly undervalued transactions for less than Rs 20 crore to entities controlled by related parties.
The transaction structure involved shell companies, trusts, fabricated agreements, circular layering of funds, and diversion of bank credit facilities, allegedly designed to siphon off and conceal proceeds of crime.
Parekh had been absconding for several years. A Non-Bailable Warrant (NBW) was issued against him in 2019. Later, a Red Corner Notice (RCN) was issued through INTERPOL in 2024.
Based on this notice, authorities in the UAE detained him. After that, he was extradited to India.
The accused will be produced in a court in New Delhi on 2 May 2026 for transit remand. After this, he will be taken to Kolkata and presented before the concerned court.
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