New Delhi: Polaris Software chief executive officer Arun Jain was released in Jakarta on December 20 after a week of his arrest in connection with a commercial dispute with a bank after a major diplomatic intervention by India.

"Jain was released this morning and is now in the Indian Embassy... His passport has been returned and he will be back in a day or two," Union IT and Communication Minister Pramod Mahajan said.

Jain and Polaris senior vice president Rajiv Malhotra were arrested by Jakarta police last week following a complaint by Bank Artha Graha, where they had gone for discussions, about a commercial dispute involving an amount of about $ 1 million.

Mahajan thanked External Affairs Minister Yashwant Sinha for his "initiative" and Indonesian authorities.

He, however, did not comment on the dispute saying government of India had nothing to comment on this as it could be breach of contract which the two parties could settle in the court.

"There is no criminal offence," Mahajan said.

PTI