CBI registers Rs 212.34 crore bank fraud case against Mumbai-based company
New Delhi, Oct 25 (TNT): The Central Bureau of Investigation (CBI) has registered a bank fraud case involving an alleged loss of Rs 212.34 crore to Canara Bank against Mumbai-based IL & FS Energy Development Company Ltd and its directors, and conducted searches at multiple locations in Mumbai, Delhi and Noida, the agency said on Saturday.
A case was registered on a complaint from Canara Bank’s Circle Office in Bandra (East), Mumbai, against the company, its managing directors and directors, including Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha, besides unidentified public servants and private persons, the agency said in a release.
The accused have been charged with alleged criminal conspiracy and cheating, along with offences under the Prevention of Corruption Act, resulting in a wrongful loss of Rs 212.34 crore to the bank, according to the CBI.
The complaint alleged that the accused entered into a criminal conspiracy and obtained a term loan of Rs 100 crore from the erstwhile Syndicate Bank’s LCB Branch in Mumbai, now part of Canara Bank, and USD 50 million from its London branch.
The company allegedly failed to use the loan funds for their sanctioned purposes and diverted the money through associate companies, causing losses to the bank, the agency said.
Following registration of the case on October 21, the CBI conducted searches at premises linked to the company’s directors in Mumbai, Delhi and Noida.
During the searches, investigators seized incriminating bank documents, deposit slips, mutual fund portfolio records, bank account and property details of directors, and company ledgers relevant to the investigation.
The investigation is continuing to establish the full extent of the alleged conspiracy, determine the roles of the persons involved and trace the end-use of the loan funds, the CBI added.
TNT KM
