ED gets 10-day custody of bank loan fraudster

New Delhi, Enforcement Directorate (ED) on Tuesday said that it has arrested an absconding accused Narender Kumar Patel who was the Director of Jay Ambe Gowri Chem Limited, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) for cheating State Bank of India to the tune of Rs 65.39 crore by using forged documents.
A ‘Look Out Circular’ was issued against Patel last year and he was detained by the Immigration officials at Ahmedabad airport and later arrested by ED. The accused was produced before PMLA Special Court, Hyderabad and sent on 10-day ED custody till January 29 for his interrogation.