ED arrests Pandit Saurabh at New Delhi airport in connection with IndusInd bank fraud case

MUMBAI: The Enforcement Directorate late on Thursday arrested Pandit Saurabh of a Hong Kong based company accused of violating foreign exchange management act (FEMA) guidelines.

Saurabh who was returning from Dubai was arrested from New Delhi airport by the ED. According to an ED official Saurabh is accused of sending foreign remittance with the help of fake bills of entries during demonetisation period.

Saurabh had used Indusind Bank for the transaction following which the bank had filed an official complaint with ED. Saurabh is a director in Sky Light Limited, the Hong Kong registered company that allegedly committed the remittance fraud.

The official Twitter handle of ED on Thursday tweeted, "ED arrests Pandit Saurabh of Sky Light Ltd Hong Kong on arrival from Dubai at Delhi Airport in IndusInd Bank fraud case at Mumbai."