G Satyanarayana Raju, a former managing director of Nagarjuna Finance Limited (NFL), named as an accused in the multicrore financial fraud, was detained at the Indira Gandhi International (IGI) airport in New Delhi while trying to flee the country even as the Andhra Pradesh police issued look-out notice against Nimesh Kampani, chairman of JM Financials, in its efforts to recover alleged defaults to depositors of Nagarjuna Finance Ltd (NFL).

The notice permits detention of Kampani if he is seen at any Indian airport.

Satyanarayana Raju was arrested by immigration officials at the IGI Airport at Delhi in the wee hours of Saturday while he was waiting for immigration check to fly to Israel.

He was brought to Hyderabad by sleuths of the Central Crime Station (CCS) and produced before a magistrate who remanded him to 14 days judicial custody.

Raju, police sources said, was a key accused in the multi-crore fraud at Nagarjuna Finance Ltd and was wanted for questioning ever since the financial irregularities surfaced.

Although Raju had resigned from the post earlier, it was during his tenure that huge deposits were collected, according to police sources.

Raju, who also worked as the MD of the Nagarjuna Agrichem Company till last year, had resigned from that post too.

Raju is the third Nagarjuna Group official to be arrested after the scam surfaced.

Nimesh Kampani, a former director of the NFL, is among the 17 other accused the police is looking for. it is learnt.

Kampani, who retired in 1999 from the Nagarjuna Group, is reported to be hiding in Dubai.

NFL, a non-banking finance company (NBFC) floated by the Nagarjuna Group in 1982, collected deposits worth Rs94 crore from the general public. Kamapani, who was on the NFL board resigned from the board in 1999, ahead of the company defaulting on payment of deposits.

Kampani is a party to the entire case and is charged as a co-accused even though the default happened after his resignation.