Bengaluru, June 4 -- The Enforcement Directorate (ED) has arrested Karuturi Venkateswara Rao, a director of Deepak Cables (India) Limited, in connection with an alleged Rs 899.35 crore fraud involving a consortium of banks led by the State Bank of India.

The arrest was made by the ED's Bengaluru Zonal Office following an ongoing investigation into allegations of large-scale financial irregularities and diversion of loan funds. A special court has remanded Rao to ED custody for 10 days to facilitate further questioning and investigation.

The action comes days after ED officials conducted searches at premises linked to Deepak Cables on May 19 and May 29. During the raids, investigators reportedly seized assets and recovered substantial am...