A multi-crore scam was exposed in 1992, when then chairman M. Gopalakrishnan lent ₹13 billion to small corporates and exporters from the south, which the borrowers never repaid.
Varadharajalu is accused of defrauding the Indian Bank of several hundred crores of rupees in connivance of the bank officials.
Varadharajalu, wanted in 10 cases registered by the CBI in connection with the Indian Bank scam, fled the country to Singapore in 1996 and from there he reached France, he said.
He obtained French citizenship and evaded arrest since the time he fled India
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