MUMBAI: Kailash Agarwal , co-promoter of Varun Industries , one of India's biggest wilful defaulters that owes banks and other lenders about Rs 2,500 crore, has been arrested by CBI from the airport last week.Agarwal is on the list of top 10 wilful defaulters in the country. Agarwal and his business partner Kiran Mehta had fled India after defaulting on payments. On August 5, CBI arrested him when he landed from Dubai and a local court has remanded him in custody.Agrawal and Mehta had allegedly cheated Chennai-based Indian Bank of Rs 330 crore besides another Rs 1,593 crore to a consortium of banks, led by Indian Bank. "He was absconding and evading the investigation, " said CBI spokesperson R K Gaur.Officials stated that starting in 2007, Agarwal and Mehta availed loans from Indian Bank and other public sector banks, which went on till 2012. They began defaulting since 2013 and borrowed huge money from the market after pledging their shares, CBI said. Last year, on complaint of Indian Bank, the CBI had registered a case against Varun Industries, Agarwal and Mehta for criminal conspiracy, cheating and forgery.According to a list of wilful defaulters prepared by All India Bank Employees Association , as of March 2013, Varun Industries, along with its subsidiary owed Rs 1,242 crore to 10 government-owned banks. In 2015, the company also became the first wilful defaulter in India.