3 directors of Mumbai firm held for â¹4,000 crore bank fraud
Mumbai police have arrested three directors of Parekh Aluminex for allegedly defrauding banks of â¹4,000 crore. The arrest follows a complaint from Axis Bank, which is part of a consortium of over 20 banks with exposure to the company. SBI and Indian Overseas Bank have also filed a CBI case alleging Parekh Aluminex diverted funds to real estate developers.