Mumbai, August 13: The Central Bureau of Investigation (CBI) arrested Kailash Agarwal, co-promoter of Varun Industries last week from the Mumbai airport. Agarwal is one of India’s biggest wilful defaulters who owe banks and other lenders about Rs 2,500 crore. He tops the list of top 10 wilful defaulters in the country.

Reportedly, Kailash Agarwal and his business partner Kiran Mehta fled India after defaulting on payments. The Indian Bank filed a complaint against both of them and Varun Industries for criminal conspiracy, cheating and forgery with the CBI.

The CBI arrested him on August 5. Agarwal and his business partner allegedly cheated Chennai-based Indian Bank of Rs 330 crore besides another Rs 1,593 crore to a consortium of banks, led by Indian Bank, claims a report in The Times of India. “He was absconding and evading the investigation, ” said CBI spokesperson RK Gaur. In 2007, both of them availed loans from Indian Bank and other public sector banks. They kept doing this till 2012, informed the officials. Both Agarwal and Mehta started defaulting since 2013. They borrowed a huge amount from the market after pledging their shares, CBI stated.

The wilful defaulters’ list is prepared by All India Bank Employees Association. As per the list, as of March 2013, Varun Industries, owed Rs 1,242 crore to 10 government-owned banks, along with its subsidiary. The company also became the first wilful defaulter in India in 2015.