Mumbai: The CBI arrested on Monday the chairman of a prominent Kolkata-based jewellery house, Nillesh Parekh for allegedly cheating a consortium of 25 banks led by the State Bank of India of Rs 2,223 crore, according to media reports.

He was arrested from the Mumbai airport upon his return from Dubai. Parekh had fled India after the CBI registered a case against him in July last year and a lookout circular was issued against him. Apart from Parekh, the CBI also booked his brother Kamlesh, a promoter in Shree Ganesh Jewellery House, Kolkata, and other promoters. Kamlesh is said to be settled in Dubai.

After taking the loan from the consortium, which comprises 20 public sector banks, Nillesh and the others diverted the money to Hong Kong, Singapore and the UAE, sources said.

“It was also alleged that the accused was availing import finance from one member bank of the consortium for import of gold; but after manufacturing of gold jewellery, they were availing export finance from another member bank so that the proceeds of export could not be realised by the banks to pay off the liability of import finance,” CBI spokesperson R K Gaur said.