The Central Bureau of Investigation (CBI) on Thursday sent a team to the US to extradite Narendra Rastogi, who has been charged with criminal conspiracy and cheating the government of Rs 430 million.
The CBI team will try to bring Narendra, one of the four Rastogi brothers accused in various fraud cases, to India as he completed his sentence in the US last month.
"We have been on the lookout for Narendra and his brothers in connection with the fraudulent duty drawback on exports of scrap material. The team which left for the US on Thursday will strive to secure his extradition," a CBI official said.
It is alleged that the Rastogi brothers - Virendra, Narendra, Ravindra and Subhash - sought duty drawback on their export consignments to Hong Kong and the Confederation of Independent States (CIS) countries.
The CBI had alleged that the brothers used to export scrap material but claimed duty drawback on cycle spare parts.
The FBI had arrested Narendra and three others for defrauding banks around the world of an estimated $600 million by obtaining finance for sham transactions and then pledging them as collateral for loans.
Narendra was sentenced to imprisonment till June after he pleaded guilty before a New Jersey court.