C R Bhansali, who was arrested in New Delhi.

NEW DELHI, June 8: In a smart operation, the Central Bureau of Investigation (CBI) sleuths escorted C R Bhansali, main accused in the multi-crore CRB scam, and five members of his family, including his wife and parents from Hong Kong, and formally arrested him on reaching the Indira Gandhi International Airport here late evening on Sunday.

Bhansali, a charted accountant by profession and chairman of CRB Capital Markets Ltd, apparently did not get protection from the local authorities in Hong kong. Also, in a week-long operation, CBI officials managed to convince Bhansali that his family would be safer in India, if he agrees to return to the country, sources said. Bhansali is facing charges of duping the State Bank of India of Rs 57 crore and cheating public of over Rs 1,000 crore through his finance schemes.

Significantly, the CBI has also learnt of his strong association with the controversial tantrik Chandraswami, who has been facing criminal charges in almost every scam detected by the investigating agency so far. Chandraswami will now also be interrogated in the case.

A five feet four inches Bhansali was whisked away in a white Ambassador car by two CBI sleuths moments after the Air-India flight arrived at 8.40 pm. His wife Manjula, two children, his father and mother and unmarried sister left with a waiting friend from the main exit gate. Manjula, who is a director of one of the CRB companies, will be interrogated tomorrow and may be arrested.

CBI Director Joginder Singh refused to divulge the details as to how they managed to bring Bhansali from Hong kong despite having no extradition treaty. All he offered to say that ``it is a trade secret and I cannot tell you more at this juncture.'' Bhansali is learnt to have transferred most of his illgotten money to the foreign banks. When his Mumbai house was raided, the CBI had discovered a strongroom in his house. The strongroom, which also had a cellar had no cash at the time of raids, the sources said.

Bhansali, who was brought to the CBI headquarters, also posed to the camera for a few seconds, although Joginder Singh did not allow scribes to question him. Wearing a navy blue suit and matching shirt, Bhansali was smiling and appeared confident while posing in front of the cameras.

Bhansali, who along with his family flew out of the country on May 14, had already opened an office called CRB Finance Company in a rented house in Hong Kong. He and his family had checked in a luxury hotel in Hong kong.On learning that Bhansali was in Hong Kong, CBI sent Superintendent of Police S P Singh to Hongkong last week. S P Singh apparently made early breakthrough by locating Bhansali and his family in Hong Kong. Thereafter, he remained in constant touch with Bhansali's day-to-day activities. Bhansali wanted to go to London to open another branch of his company, but it is learnt that S P Singh with the help of the Hong Kong authorities foiled his attempt to fly to London.

In the meantime, S P Singh informed the local authorities of the charges that Bhansali is facing in India. The former put pressure on them to stop Bhansali to begin his business operations. Bhansali apparently had some connections with the hawala operators and knew some of the Chandraswami disciples there.

But the CBI official along with the local authorities and the Interpol managed to snap all the contacts of Bhansali in Hong Kong. When Bhansali was frustrated on all the fronts, the CBI sleuth brought him to the negotiating table and began days of long persuasion to fly back to India, where his family will be safer, the sources said.

The CBI had apparently left with a little time, as Bhansali's deportation to India would have become very difficult after June 30, when the British colony Hong Kong is to be handed over to China. Last Friday, it is learnt that Bhansali was almost forced to return to India, as he had left with no local protection.

On S P Singh's signal, two CBI officials, Joint Director M L Kumawat and another Superintendent of Police J B Prasad, flew to Hongkong on Saturday. Next day, they alongwith the Bhansalis took the Air India flight to Delhi. Bhansali will be produced in a local court here on Monday for the transit remand. Later, he will be taken to Mumbai.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.