CBI Searches IL&FS Energy Development Company Directors In ₹212-Crore Bank Fraud Case
The CBI conducted searches at premises linked to IL&FS Energy Development Company directors across Mumbai, Delhi, Noida and other locations in an alleged ₹212.34 crore Canara Bank fraud case. The agency seized financial and property-related documents. Five directors have been named as accused, with investigators probing alleged diversion of loan funds through associate companies.
CBI Searches IL&FS Energy Development Company Directors In ₹212-Crore Bank Fraud Case | AI
Mumbai: The Central Bureau of Investigation (CBI) conducted searches at multiple premises linked to the managing directors and directors of IL&FS Energy Development Company Limited in Mumbai, Delhi, Noida and other locations in connection with an alleged bank fraud of Rs 212.34 crore involving Canara Bank.
Financial Documents Seized During Searches
During the searches, the agency seized documents related to bank transactions, mutual fund investments, properties belonging to the directors, and the company’s financial records.
The searches followed the registration of a case on October 21, on a complaint by Canara Bank’s Circle Office in Bandra (East), Mumbai. The CBI has named the company, its managing directors and directors Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha, along with unknown public servants and private individuals, as accused.
₹100 Crore Loan From Syndicate Bank
According to the complaint, the company allegedly obtained a term loan of Rs 100 crore from the erstwhile Syndicate Bank, now merged with Canara Bank, through its Large Corporate Branch in Mumbai. It also allegedly obtained a loan of USD 50 million from the bank’s London branch.
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The CBI has alleged that the loan funds were not utilised for the purposes for which they had been sanctioned and were instead diverted through associate companies, causing an alleged wrongful loss of Rs 212.34 crore to the bank.
The case has been registered on allegations of criminal conspiracy and cheating, along with offences under the Prevention of Corruption Act. The agency is investigating the alleged role of the company’s directors and other individuals, including unknown public servants and private persons, in the diversion of the loan funds.
The investigation is continuing to establish the full extent of the alleged conspiracy, identify the roles of those involved and trace the end-use of the loan proceeds.
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