After 13 years on the run, India’s Central Bureau of Investigation (CBI) has arrested a key suspect in a major bank fraud case. Surendran J., a businessman from Kollam in Kerala, finally landed in custody on September 18 for his role in a Rs 1.5 crore scam at a Punjab bank.
Surendran, who ran a company called Stich and Ship in Kollam, got nabbed through smart technical surveillance and on-the-ground checks, according to CBI officials. Back in July 2010, the CBI charged him and others with cheating the Bank of India in Ludhiana. They allegedly used fake and forged documents to grab a foreign bill purchase credit facility worth Rs 1.5 crore. This type of short-term loan helps exporters handle cash flow while waiting for payments from overseas buyers.
As the main player in the fraud conspiracy, Surendran faced charges in a special CBI court in Mohali, Punjab. But he skipped the trial, so the court declared him a proclaimed offender in 2012. Despite years of searching, he stayed hidden until recent leads pointed investigators straight to Kollam district in Kerala.
Once caught, authorities quickly took him to the Chief Judicial Magistrate’s court in Thiruvananthapuram on Friday. The court approved a transit remand, allowing the CBI to bring him to Punjab. By Saturday, Surendran appeared before the special CBI court in Mohali and got sent to judicial custody.
This arrest highlights the CBI’s ongoing fight against bank fraud and proclaimed offenders, closing a long chapter in this Punjab bank scam involving forged export documents.
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