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Eluding the law -enforcing agencies for nearly nine years,
M.Varadharajaloo finally fell in CBI’s hands early today.
65 year old M.Varadharajaloo @ M.V.Raja @ Louis Jalu, was
arrested on arrival at the Chennai International Airport by
the sleuths of the Economic Offences Wing of CBI after being
deported from Dubai.
Based on a Red Corner Notice (RCN) issued at the behest of
CBI, Varadharajaloo was detained by the Dubai Police when
he tried to enter Dubai recently. On getting this information
a special CBI team rushed to Dubai which later accompanied
the accused from Dubai to Chennai.
M.Varadharajaloo, wanted in 10 cases registered by CBI in
connection with the Indian Bank Scam, fled the country during
1996 to Singapore and from there he reached France. He obtained
French Citizenship and evaded arrest since the time he fled
India. Varadharajaloo in connivance with the officials of
Indian Bank has defrauded the Indian Bank of several hundred
crores of rupees. The cases are pending trial in the Principal
Special Judge Court for CBI Cases at Chennai.
There are five cases registered by the Economic Offences
Wing, Chennai, three by the Bank Securities & Fraud Cell,
Bangalore and two cases registered by the Anti -corruption
Branch of CBI, Chennai. All these have been chargesheeted
and are pending trail in the Court now. The fraud was committed
by various companies connected with Varadharajaloo like M/s
MVR Exports, M/s. MVR Industries, M/s. Mountamount Singapore
Pvt. Ltd., M/s. Nagova Exim Pvt. Ltd. and M/s. Sathyam Chemicals.
CBI continued its efforts to arrest this fugitive and fought
a protracted legal battle in the year 2001 for extradition
of Varadharajaloo from France. However, the French Government
refused to extradite Varadharajaloo, who by then had acquired
French Citizenship. However, with the persistent efforts made
by the CBI and with the help of the Ministry of External Affairs
and the Indian Ambassador to U.A.E., Shri Sudhir Vias and
with the cooperation of the Dubai Government he has been deported
to India.
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