The Gujarat High Court has granted conditional permission to Sunil Kakkad, promoter and former director of Sai Infosystem (India) Ltd, to travel to Dubai between June 7 and 27, even as he remains under investigation for his role in a massive Rs126 crore bank fraud.
Kakkad was arrested by the Central Bureau of Investigation (CBI) in a high-profile loan default case that impacted several major banks, including the Bank of Baroda, SBI, Canara Bank, and Vijaya Bank. The CBI filed the case in 2015, accusing him of obtaining large credit facilities for his now-defunct company and then defaulting on payments.
The Bank of Baroda opposed Kakkad’s recent plea to travel, arguing that he has not repaid a single rupee to the banks involved, despite repeated demands and pending liabilities.
However, Kakkad’s legal counsel argued that the travel request was for exploring new business ventures related to outsourcing back-end IT support and ERP software services to India. The court permitted the trip but imposed stringent conditions, including the deposit of Rs25 lakh by demand draft as a security measure.
The former telecom and IT entrepreneur was initially arrested in Mumbai and is alleged to have played a central role in siphoning off funds through Sai InfoSystem Pvt Ltd, which operated out of Ahmedabad and Mumbai before its collapse.
