MUMBAI: Kailash Agarwal , co-promoter of Varun Industries , one of India's biggest wilful defaulters that owes banks and other lenders about Rs 2,500 crore, has been arrested by CBI from the airport last week.Agarwal is on the list of top 10 wilful defaulters in the country. Agarwal and his business partner Kiran Mehta had fled India after defaulting on payments. "He was absconding and evading the investigation, " said CBI spokesperson R K Gaur.Officials stated that starting in 2007, Agarwal and Mehta availed loans from Indian Bank and other public sector banks, which went on till 2012. They began defaulting since 2013 and borrowed huge money from the market after pledging their shares, CBI said. In 2015, the company also became the first wilful defaulter in India.

Source: Times of India August 12, 2017 20:07 UTC