CBI registers case against IL&FS subsidiary for allegedly defrauding 19 banks
The fraud by IL&FS Transportation Network Ltd (ITNL) and its directors came to light after the National Company Law Tribunal in 2018 appointed a new board of directors that took over the parent firm IL&FS.
"The accused misappropriated the sanctioned credit facilities by cheating, diversion of funds, circular transactions between related/sister concerns, misrepresentation of books of income and expenditures etc," the complaint said. (Express file photo by Tashi Tobgyal) The CBI has filed a case against IL&FS Transportation Network Ltd and its directors for allegedly defrauding 19 banks of Rs 6,524 crore between 2016 and 2018.
Canara Bank, which is the complainant in this case stated to the Central Bureau of Investigation (CBI), “Public money of more than Rs 6,524 crore has been misappropriated by ITL and thereby cheated all the lenders. The accused persons are white colour criminals and very well know the intricacies of the law and know to save themselves from the clutches of the law.”
The fraud by IL&FS Transportation Network Ltd (ITNL) and its directors came to light after the National Company Law Tribunal in 2018 appointed a new board of directors that took over the parent firm IL&FS, the first information report (FIR) said.
“The accused misappropriated the sanctioned credit facilities by cheating, diversion of funds, circular transactions between related/sister concerns, misrepresentation of books of income and expenditures etc. thereby caused wrongful loss of total Rs. 6,524 Crores (as on 31.10.2021) to the lending banks and corresponding wrongful gain to themselves,” the complaint read.
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