The police have arrested three directors of a private firm as part of ongoing investigations into a bank fraud by Parekh Alluminex Ltd (PAL) against which lenders are now claiming close to Rs 4,000 crore. Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo were arrested by the economic offences wing (EOW) on Friday for cheating, forgery, breach of trust and criminal conspiracy following a complaint by Axis Bank against the firm for cheating it of Rs 250 crore.

The police have arrested three directors of a private firm as part of ongoing investigations into a bank fraud by Parekh Alluminex Ltd (PAL) against which lenders are now claiming close to Rs 4,000 crore. Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo were arrested by the economic offences wing (EOW) on Friday for cheating, forgery, breach of trust and criminal conspiracy following a complaint by Axis Bank against the firm for cheating it of Rs 250 crore.