Suryaa National Desk: Massive searches in Delhi, Mumbai, Noida! Surya Crime & Banking Bureau, New Delhi: A subsidiary of leading infrastructure financial services firm IL&FS... Surya Crime & Banking Bureau, New Delhi: The Central Bureau of Investigation (CBI) has registered a key case against IL&FS Energy Development Company Limited (IEDCL), a subsidiary of leading infrastructure financial services firm IL&FS, and its former executives. An FIR has been registered against the company along with five former directors for allegedly defrauding Canara Bank to the tune of Rs 212.34 crore and an investigation has been started.
The case was registered on October 21 following an official complaint filed by the Canara Bank Circle Office in Bandra, Mumbai. Syndicate Bank Loans – Diversion of Funds: Earlier the company received Rs 100 crore term loan from Mumbai Large Corporate Branch of Syndicate Bank (now merged with Canara Bank) and foreign currency loan of $50 million from London branch. However, a forensic audit conducted by Canara Bank revealed that these loan funds earmarked for specified projects were diverted for other purposes by associate and group companies instead of for the original purposes. The CBI said that the bank suffered a loss of Rs 212.34 crore.
Serious charges against ex-MD, directors: The CBI has charged former IL&FS Energy MD and board members Sunil Wadhwa, Anup Seth, Hari Shankaran, Ramesh Chandra Bawa, Arun Kumar Saha along with unidentified public servants under Indian Penal Code (IPC) criminal conspiracy, cheating sections and Prevention of Corruption Act (PC Act) who played key roles in the conspiracy. charged CBI raids in Delhi, Mumbai and Noida: After registering the FIR, the CBI officials conducted extensive searches at the residences and offices of the accused. During the searches conducted at various premises in Delhi, Mumbai and Noida, the officials seized several key documents including bank transaction documents, mutual fund portfolio records, asset documents and company ledger books. The CBI is conducting a thorough investigation into where the loan funds ultimately end up.
