Indian businessman Pramod Mittal was arrested by Bosnian authorities on charges of suspected fraud and "abuse of power" on Wednesday, July 24.
Since 2003, Pramod Mittal, the younger brother of Lakshmi Mittal, has been the President of the supervisory board of GIKIL, a coking plant in Lukavac. A partnership between Global Steel Holdings (GSHL) and Coke and Chemical Conglomerate (KHK) -- GIKIL -- is owned by the Government of Bosnia-Herzegovina.
Pramod, his general manager Paramesh Bhattacharyya and member of the supervisory board, Razib Dash, were arrested for committing "organised crime, notably the abuse of power and economic crimes", for the past 16 years, said prosecutor Cazim Serhatlic.
The prosecutor also said that the suspects could get jail sentences of up to 45 years if found guilty.
An arrest warrant has been issued for a fourth suspect "considered to be a member of this organised criminal group with Pramod Mittal on top", according to AFP.
The suspects have been held at GIKIL's premises and will be taken to the Tuzla prosecutors department after the police conduct a raid at the company's premises, Serhatlic said.
A web database for an organised crime called Zurnal.info estimates that the suspects have embezzled "at least five million marks" which is $2.8 million.