India, Sept. 24 -- Nearly two years after he allegedly slipped out of India as investigators began unravelling a Rs.198.41-crore money-laundering network routed through two Malegaon-based banks, Mehmood Abdul Samad Bhagad, described by a special court as the "ultimate beneficiary" of the scam, has finally been located. Interpol informed the Maharashtra Anti-Terrorism Squad (ATS) this week that Bhagad had been arrested in the United Arab Emirates, and on Wednesday a special court cleared the way for India to formally seek his extradition.

Additional sessions judge S V Sahare allowed an application moved by the ATS for an extradition proposal to be sent to the UAE government to secure Bhagad's return to India for further investigation and ...