The Central Bureau of Investigation (CBI) Thursday registered a case against former Aircel promoter C Sivasankaran’s two companies and the MD & CEOs of Syndicate Bank and Indian Bank for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank, officials said.
Sivasankaran’s firms had allegedly taken a loan of Rs 530 crore in February 2014. The amount increased to Rs 600 crore after becoming a non-performing asset, they said. Former IDBI CMD Kishor Kharat, presently MD and CEO of Indian Bank, and Syndicate Bank MD and CEO Melwyn Rego, who was deputy MD of IDBI Bank, have also been booked by the CBI in the case, the officials said.
The CBI has named 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans were sanctioned to the companies controlled by Sivasankaran in its FIR registered on a complaint from the Central Vigilance Commission. IDBI Bank CMD M S Raghavan has also been named in the FIR. The agency carried out searches at 50 locations, including the residences of former senior IDBI Bank officials.
The case was registered under sections related to criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.
Meanwhile, IDBI Bank has said it has initiated measures to recover the Rs 600 crore loan taken by Axcel Sunshine Ltd in August 2016. “IDBI Bank had given a loan to Axcel Sunshine Ltd in February 2014, which became NPA in December 2015. The loan has been fully provided for. The bank has initiated recovery actions to recover dues from the borrower in August 2016,” the bank said in a statement.