Politics · India · 7 hrs ago
CBI opens case over alleged Rs 212 crore Canara Bank loan fraud
The CBI has registered a case against IL&FS Energy Development Company and its executives over an alleged loan fraud involving Canara Bank.
The case was filed on October 21 after a complaint from the bank’s Mumbai circle office.
Investigators say the company obtained a Rs 100 crore term loan and a $50 million foreign currency loan from Syndicate Bank, which later merged with Canara Bank.
The CBI alleges the money was diverted through associated companies instead of being used for the approved purposes.
It estimates the alleged diversion caused a wrongful loss of Rs 212.3 crore to the bank.
The case names the company’s managing director and directors, as well as unidentified public servants and private individuals.
The CBI has searched locations in Delhi, Mumbai and Noida and seized documents as its investigation continues.
The CBI has registered a case over an alleged Rs 212 crore fraud involving Canara Bank.
The case names IL&FS Energy Development Company Ltd, five executives and unnamed public servants and private individuals.
The CBI alleges the accused obtained loans from the erstwhile Syndicate Bank and diverted the funds through associate entities.
The estimated wrongful loss to the bank is Rs 212.3 crore.
Searches in Delhi, Mumbai and Noida led to the seizure of documents.
- Who
- The CBI is investigating IL&FS Energy Development Company Ltd, five named executives and unnamed public servants and private individuals.
- What
- A case has been registered over alleged cheating and conspiracy involving Canara Bank loans.
- When
- The case was registered on October 21. The year is not stated.
- Where
- The complaint came from Canara Bank’s circle office in Bandra, Mumbai. Searches were conducted in Delhi, Mumbai and Noida.
- Why
- The CBI alleges that loan funds were diverted through associate entities rather than used for their sanctioned purposes.
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The CBI registered the case following a complaint by Canara Bank’s circle office in Bandra.
The CBI conducted searches in Delhi, Mumbai and Noida and seized documents.
- Alleged loss
- Rs 212.3 crore
- Term loan
- Rs 100 crore from the erstwhile Syndicate Bank
- Foreign currency loan
- $50 million from the bank’s London branch
- Named company
- IL&FS Energy Development Company Ltd
- Named executives
- Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha