Pramod Mittal, industrialist and the younger brother of steel magnate Lakshmi Mittal, has been arrested in Bosnia on Wednesday for suspected fraud and "abuse of power".
The case is related to the running of a coking plant in the northeastern town of Lukavac, which Pramod Mittal has co-managed since 2003, employing about a 1,000 individuals. "Police, who acted upon the order of the prosecutor, arrested the president of the supervisory board of GIKIL, Pramod Mittal," prosecutor Cazim Serhatlic told reporters.
Founded in 2003, GIKIL is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK). The coking plant in Lukavac employs a thousand people.
also read
- FACT CHECK: Did Hindu man beaten to death by Bangladesh mob make anti-Islam remarks?
- From Ponzi schemes to loan apps: The alarming rise of cryptocurrency-driven crime
- Beyond ‘tareek pe tareek’: India’s POCSO courts turned the corner this year
- Who is Deepshikha Sharma? UP landlady's dead body found in suitcase after rent collection attempt
Two other company officials—general manager Paramesh Bhattacharyya and another member of the supervisory board—were also arrested. The trio are suspected of "organised crime, notably the abuse of power and economic crimes," the prosecutor said.
Serhatlic said that if found guilty the suspects could get jail sentences of up to 45 years. An arrest warrant has been issued for a fourth man "considered to be a member of this organised criminal group with Pramod Mittal on top". The suspects will appear before a judge on Wednesday.
According to the Zurnal.info website which covers organised crime, the suspects were believed to have embezzled "at least five million marks" (2.5 million euros, $2.8 million).
Lakshmi Mital, the CEO of global steel giant ArcelorMittal, has bailed out his cash-strapped brother Pramod in India.
Pramod Mittal owns several companies in the Balkans.