Rs 212 crore loan fraud: CBI books Mumbai’s IL&FS Energy Development Company, officials
Rs 212 crore loan fraud: CBI books Mumbai’s IL&FS Energy Development Company, officials New Delhi, Oct 24 (IANS) The Central Bureau of Investigation (CBI) conducted searches and registered a case against Mumbai-based IL&FS Energy Development Company and its officials for involvement in a Rs 212 crore loan fraud with Canara Bank, an official said on Saturday.
The case was registered by the CBI on the complaint of Canara Bank, Circle Office, Bandra (East), Mumbai, against IL&FS Energy Development Company Limited and its Managing Directors/Directors: Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa, Arun Kumar Saha, unknown public servants and unknown private persons for offences of criminal conspiracy for cheating, the official said in a statement.
The accused were also booked for offences under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs 212.34 crore to the complainant Bank. It has been alleged that the accused entered into a criminal conspiracy, obtained a term loan of Rs 100 crore from erstwhile Syndicate Bank (now Canara Bank), LCB Branch, Mumbai and $50 million from the London Branch.
The company defrauded the bank by not utilising the bank funds for the intended purpose for which it was sanctioned, said the statement, adding that the officials diverted the funds by siphoning off through associate companies and caused loss to the bank. Following registration of the case on October 21, the CBI conducted searches at multiple premises linked to the Managing Directors/Directors of IL&FS Energy Development Company Limited in Mumbai, Delhi and Noida, etc.
During the searches, incriminating bank documents, deposit slips, mutual funds portfolio documents, bank account/property details of the directors and ledgers of the company, relevant to the investigation, were recovered and seized. The CBI said its investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds, said the statement.
