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 Mumbai airport last week. On August 5, CBI arrested him when he landed from Dubai. A local court has remanded him in custody.
According to a list of wilful defaulters prepared by All India Bank Employees Association, as of March 2013, Varun Industries, along with its subsidiary owed Rs 1,242 crore to 10 government-owned banks. In 2015, the company also became the first wilful defaulter in India.