CBI charges IL&FS Energy and senior executives in Rs 212 crore loan fraud
The CBI filed an FIR against IL&FS Energy Development Company Ltd and several top managers for allegedly cheating Canara Bank of about Rs 212 crore.
The Central Bureau of Investigation registered a first one outlet's report on Oct 21 following a grievance lodged by Canara Bank’s Bandra circle office. The FIR implicates IL&FS Energy Development Company Ltd, its managing director Sunil Wadhwa and directors Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha, as well as unidentified public servants and private parties. According to the agency, the company obtained a Rs 100 crore term loan from the former Syndicate Bank, now part of Canara Bank, and a $50 million loan from its London branch, then allegedly siphoned the money through associate firms.
Searches conducted in Delhi, Mumbai and Noida uncovered documents that the CBI says support the allegations. The alleged diversion resulted in an estimated wrongful loss of Rs 212.3 crore, and the FIR charges the accused with conspiracy and cheating.
Why it matters
The case highlights large-scale financial fraud involving major banks and a prominent infrastructure firm, raising concerns about loan oversight.
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