Parveen Juneja, owner of Subway and Moti Mahal Delux chain of restaurants, was on Monday arrested by the crime branch of Delhi Police on charges of fraud.
According to police, Parveen was arrested for siphoning off Rs 35 crores from six banks.
Juneja, director, Corporate Finance of Shamken, helped float three non-existent firms. Shamken arranged for Rs 5 crores from Jammu and Kashmir bank for making payment for purchase of machinery and routed the amount to the three firms.
The money from these companies was later transferred into Shamken's bank accounts. With the same modus operandi, Juneja, along with the other three directors of Shamken, cheated Bank of India, ING Vyasa bank, Syndicate bank, Development and Credit bank of India and China Commercial bank.
Investigations are on and bank officers will also be arrested if their connivance is established.