CBI secures extradition of wanted fugitive from UAE in major bank fraud case

The CBI has brought Kamlesh Parekh back from the UAE in a banking fraud case. His return completes the Red Notice process after coordination between Indian and UAE authorities.

In Short

• The accused was wanted over alleged diversion of funds abroad
• Investigators linked the fraud to overseas entities and export operations
• The case concerns losses worth hundreds of crores to banks

The Central Bureau of Investigation (CBI), in coordination with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA), has brought back wanted fugitive Kamlesh Parekh from the United Arab Emirates (UAE) to India on Friday, May 1, 2026, officials said.

Parekh was wanted in connection with a large-scale banking and financial fraud case involving losses running into hundreds of crores to a consortium of banks led by the State Bank of India (SBI). Investigators alleged that he, along with other promoters and directors, orchestrated a conspiracy to divert bank funds through a network of overseas entities.

According to the CBI, the accused was actively involved in managing export-related operations and financial transactions of the company and its associated entities abroad, including in the UAE. The probe found that funds were siphoned off using fraudulent methods such as manipulation of financial transactions and misuse of banking channels.

Parekh was traced in the UAE on the basis of an Interpol Red Notice issued at India’s request. He was subsequently detained by UAE authorities. Following legal proceedings and sustained coordination between Indian and UAE agencies, he was handed over to Indian officials.

He arrived in Delhi on Friday and was taken into custody by the CBI’s Bank Securities and Fraud Branch (BSFB) in Kolkata. Further investigation in the case is underway.

- Ends
With agency inputs