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Steel magnate Lakshmi Mittal's brother arrested in Bosnia for suspected fraud

The case is related to the running of a coking plant in the northeastern town of Lukavac.

India TV News Desk India TV News Desk
New Delhi Published on: July 24, 2019 9:31 IST
Lakshmi Mital, the CEO of global steel giant ArcelorMittal,

Lakshmi Mital, the CEO of global steel giant ArcelorMittal, had bailed out his cash-strapped brother Pramod in India.

The younger brother of steel magnate Lakshmi Mittal, Industrialist Pramod Mittal, has been arrested in Bosnia for suspected fraud and "abuse of power".

The case is related to the running of a coking plant in the northeastern town of Lukavac.

"Police, who acted upon the order of the prosecutor, arrested the president of the supervisory board of GIKIL, Pramod Mittal," AFP quoted prosecutor Cazim Serhatlic, as saying.

GIKIL was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK).

Pramod Mittal owns several companies in the Balkans.

The coking plant in Lukavac employs a thousand people.

Two other company officials -- general manager Paramesh Bhattacharyya and another member of the supervisory board -- were also arrested.

They are suspected of "organised crime, notably the abuse of power and economic crimes."

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.

Lakshmi Mital, the CEO of global steel giant ArcelorMittal, had bailed out his cash-strapped brother Pramod in India.

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