Maharashtra: CBI to soon start investigation into 12 cases of high-profile bank fraud

Jet Airways was sent to bankruptcy in 2019 and the company had 21,000 creditors seeking claims of around Rs 45,000 crore.

Last year, the court approved the resolution plan of Jet Airways submitted by the consortium of Kalrock Capital and Murari Lal Jalan.

Another key case that the CBI is likely to investigate is the Rs 1,353 crore alleged bank fraud by Rana Kapoor, former co-founder of Yes Bank Ltd, in the case of Anil Ambani-led Reliance Home Finance Ltd (RHFL). It is already investigating Kapoor and the promoter of Avantha Group, Gautam Thapar in connection with a Rs 1,700 crore alleged loan fraud. Kapoor is currently in jail.

Apart from this, the agency is set to probe a fresh bank fraud case of Rs 225 crore against Kapoor.

The agency is also expecting a go-ahead from the state government to investigate three separate loan fraud cases of Rs 987 crore, Rs 569 crore and Rs 529 crore against IL&FS Energy Development Company Ltd, IL&FS Transportation Networks Ltd and IL&FS Maritime Infrastructure Company Ltd, respectively. The agency said Yes Bank is the complainant in all three cases related to the IL&FS Group.

The financial irregularities at IL&FS came to light in September 2018, after some group entities started defaulting on debt repayments.

The government subsequently superseded the company’s board and appointed new management to work on a resolution plan.

IL&FS has also come under the scanner of the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO). The SFIO has found several irregularities across corporate governance and financial parameters that led to a default crisis at IL&FS.

The CBI may also file a fresh FIR against bankrupt travel firm Cox and Kings and its promoters Peter Kerkar and Urrshila Kerkar in connection with an alleged Rs 624 crore fraud based on a complaint filed by SBI. Peter Kerkar, who has been accused of laundering money, is currently in jail.

The central agency, which is already investigating a Rs 22,800 crore loan default by ABG Shipyard is likely to file another FIR against an ABG Group firm Vadraj Cement Ltd and its promoter Rishi Agarwal for an alleged loan default of Rs 1,107 crore based on a complaint filed by Punjab National Bank (PNB).

The country’s premier investigating agency is also likely to begin its probe into a Rs 4,037 crore alleged loan scam at Union Bank of India, involving Corporate Power Ltd, a subsidiary of Corporate Ispat Alloys Ltd (CIAL). CIAL and its promoters are already under CBI lens for allegedly causing a loss of Rs 136 crore to PNB.