Polaris Software execs freed after Indonesian bank dispute sparked arrest

Polaris Software execs freed after Indonesian bank dispute sparked arrest

Two senior executives from Indian financial technology firm Polaris Software have been released from prison in Jakarta after an eight-day detention sparked by an altercation with an Indonesian banking customer.

Polaris Software CEO Arun Jain and SVP Rajiv Malhotra have been released into the custody of the Indian embassy, although Indonesia authorities have withheld their passports.

The two men were arrested after visiting the offices of Indonesia's Bank Artha Graha in an attempt to resolve a dispute over the failure of a project to implement a new core banking system. As talks broke down, executives from the bank called the police and had Jain and Malhotra arrested. Both men were remanded in custody for alleged breach of a comercial transaction.

Their release follows a concerted campaign by the Indian government, led by Yashwant Sinha, minister of external affairs and Pramod Mahajan, minister of information technology.

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