Unlucky Bhaskar: Fugitive Banker Accused Of Rs 77 Cr Fraud Extradited From US After 2 Decades Run

Ahmedabad, Gujarat: Virendrabhai Patel, a former banker accused of committing alleged fraud of Rs 77 crore, was arrested from Ahmedabad airport upon arrival from the United States on January 29, Wednesday. The airport authorities have handed over the fraud accused to the police.

Following the allegations, police registered a case against Patel and a few co-accused in 2002 at Anand town police station in connection with  offences of criminal breach of trust, criminal conspiracy, forgery of documents, cheating, and dishonestly inducing the delivery of property.

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In March 2004, at a request from Gujarat police, the Central Bureau of Investigation (CBI) got a Red Corner Notice (RCN) issued through Interpol, a law enforcement organization that facilitates international police cooperation to combat crimes.

When he was then the director of Charotar Nagrik Sahakari Bank, Anand, along with other accused allegedly committed massive fraud involving Rs 77 crore in 2002.

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While facing charges of criminal breach of trust, forgery, and conspiracy, Patel fled the country, prompting the CBI to secure an INTERPOL Red Notice. However, the accused managed to evade capture, spending over 23 years in the United States, drawing slight similarity with Dulquer Salman’s starrer Lucky Bhaskar. The movie’s protagonist, a banker, was, however, seen living luxuriously in the US after committing huge economic fraud, extracting billions from India.

The Global Operations Centre of the Central Bureau of Investigation (CBI) coordinated with Gujarat police and immigration authorities at Ahmedabad airport to nab Patel. Notably, another person, Janarthanan Sundaram, having an Interpol Red Notice against him, was also arrested after his return from Thailand by the CBI. Sundaram was wanted by Tamil Nadu police in an alleged financial fraud case.

The extradition of the accused to India has been lauded as a major achievement of the law enforcement agency and the effective coordination of international and Indian officials.

According to a report by The New Indian Express, India’s coordination with INTERPOL has resulted in the tracking down and extradition of over 100 fugitives to India since 2021.

However, the bank fraud cases have seen a surge in the country, and many of the accused have fled India. According to a report, at least 33 financial fugitives were absconding in India as of 2021. At least ten people, including liquor baron Vijay Mallya and diamond merchant Nirav Modi, have been declared as fugitive economic offenders by courts since 2018, Both Vijay Mallya and Nirav Modi are still absconding.