Another accused in NFL fraud held; search on for Kampani

05 January 2009

G Satyanarayana Raju, a former managing director of Nagarjuna Finance Limited (NFL), named as an accused in the multicrore financial fraud, was detained at the Indira Gandhi International (IGI) airport in New Delhi while trying to flee the country even as the Andhra Pradesh police issued look-out notice against Nimesh Kampani, chairman of JM Financials, in its efforts to recover alleged defaults to depositors of Nagarjuna Finance Ltd (NFL).

The notice permits detention of Kampani if he is seen at any Indian airport.

Satyanarayana Raju was arrested by immigration officials at the IGI Airport at Delhi in the wee hours of Saturday while he was waiting for immigration check to fly to Israel.

He was brought to Hyderabad by sleuths of the Central Crime Station (CCS) and produced before a magistrate who remanded him to 14 days judicial custody.

Raju, police sources said, was a key accused in the multi-crore fraud at Nagarjuna Finance Ltd and was wanted for questioning ever since the financial irregularities surfaced.

Although Raju had resigned from the post earlier, it was during his tenure that huge deposits were collected, according to police sources.