Telecom firm promoter arrested in Rs 126 crore scam

Sunil Kakkad of Click Telecom is accused of cheating a bank consortium

The CBI yesterday arrested the promoter of a telecom company in connection with a Rs 126-crore bank loan scam case. Sunil Kakkad, the promoter of Click Telecom, was arrested in Mumbai for allegedly cheating a consortium of State Bank of India, Canara Bank and Vijaya Bank to the tune of Rs 126 crore, CBI sources said.

The agency had registered the case against Kakkad in 2015. The telecom company had allegedly been sanctioned several credit facilities, including cash credit, term loan and non-fund based limits (LCs), to the tune of Rs 126 crore, CBI spokesperson RK Gaur said in Delhi.

He said Kakkad had taken over Click Telecom from its earlier promoters. "It was further alleged that this company had won the bid for launching of BSNL VVOBB (voice and video over broad band) project in southern and eastern zones of the country and the accused inflated the project costs to obtain huge funds from the banks," the spokesman said.

He said it was also alleged that no machinery was actually supplied and letters of credit (LCs) were opened favouring associate companies. "These LCs were allegedly discounted and funds siphoned off. Role of the accused (Kakkad) in six other cases are also being investigated," he said.

2015
Year when the case against the promoter was filed by the three banks with CBI

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