The Hush Post|10:30 am|1-min-read
Pramod Mittal, the younger brother of steel magnate Lakshmi Mittal was arrested by police on Wednesday in Bosnia on suspicion of fraud and “abuse of power”.
Pramod Mittal is the president of the supervisory board at metallurgical coke producer Global Ispat Koksna Industrija Lukavac (GIKIL), which has been among Bosnia’s biggest exporters.
Cazim Serhatlic, the Prosecutor from the Tuzla cantonal prosecution department said, the suspects were believed to have embezzled “at least five million marks” (2.5 million euros, $2.8 million). General manager, Paramesh Bhattacharyya and Razib Dash, a member of the supervisory board were also arrested.
Cazim said, “They are arrested on suspicion that they have committed a criminal act of organised crime and abuse of office and authority since 2003. If found guilty, the suspects could get jail sentences of up to 45 years.
Meanwhile, an arrest warrant has been issued for a fourth man “considered to be a member of this organised criminal group”.
Lakshmi Mittal, the CEO of global steel giant Arcelor Mittal, has bailed out his cash-strapped brother Pramod Mittal in India.
Pramod Mittal owns several companies in the Balkans.