The 'missing' chief of Ahmedabad-based Sai Info Systems (SIS) Sunil Kakkad has been arrested by interpol and the local police in Liberia in connection with the alleged Rs 1,000 crore fraud.

Kakkad, along with family, had been missing since June last year after the company failed to pay salaries to its employees and repay its lenders.

Sources in the Ahmedabad crime branch confirmed the arrest by the interational counterparts.

The city police had issued a lookout notice on Kakkad after he duped the bankers of approx Rs 1,000 crore in 2013.

In June last year, public sector lender, State Bank of India had put up a public notice in various dailies, stating, “The CMD of SIS Group… Shri Sunil S Kakkad, is not contactable and is reported to be missing.”

SBI, which heads a consortium of banks that have, according to sources, lent Rs 1,000-1,200 crore to SIS, had warned people against dealing with the assets of SIS and its associate companies.

Police sources informed that since India did not have an extradition treaty with Liberia, required procedures were being made to bring Kakkad, who had set up SIS and had launched video calling services in 2010.

Kakkad will be brought to Ahmedabad in a few days time, say Crime Branch sources.

Around 1,500 employees of SIS have still not received salaries of nine months.

Notably, SIS had also received National Telecom Award for Innovation in Fixed Line Services for 2010.

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