Bangalore: The Central Crime Branch (CCB) police in the city yesterday (Sep 9, 2004) arrested a Non-Resident Indian (NRI) businessman, wanted in connection with alleged defrauding of banks in America and UK to the tune of $700 million.

Police in Bangalore said that the FBI (Federal Bureau of Investigation) had thrown a net for the accused, reported absconding since two and half years after the fraud came to light and had sought the assistance of the Interpol in nabbing him.

The Interpol, which gathered information that the accused, who was running non-metal business in USA had taken shelter in Bangalore, requested the CBI (Central Bureau of Investigation) assistance.

The accused, identified by police as Gaya Gayithrinathan alias Subramanya (59), was running a travel agency in the city, police said.

The arrested has been produced before a local court and FBI and Interpol agencies have been informed, police said.