The Enforcement Directorate (ED) on Wednesday carried out raids in Mumbai on residences of former directors of fraud-hit Infrastructure Leasing & Financial Services (IL&FS). The top executives whose homes were searched by ED include Rajesh Kotian, Shehzaad Dalal, Manu Kochhar and Mukund Sapre.
They cheated Punjab National Bank (e- United Bank of India) and the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilisation of loan funds was contrary to the sanction terms.
India News | CBI Registers Two Cases Against IL&FS Subsidiaries for Defrauding Banks latestly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from latestly.com Daily Mail and Mail on Sunday newspapers.
The Central Bureau of Investigation (CBI) has registered two separate cases against IL & FS subsidiaries and its directors for allegedly duping banks to the tune of Rs 120.03 crore.The FIR accessed by ANI reads that the general manager of Punjab National Bank registered a complaint with CBI alleging that the borrower Company IL & FS Energy Development Company Ltd. (IEDCL) and its Directors, namely, Hari Sankaran, Late Ravi Parthasarathy (since died), Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and another unknown private person (s) and unknown public servant(s) entered into a criminal conspiracy to cheat Punjab National Bank (e- United Bank of India) and the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms and conditions, diversion of sale proceeds to related/ sister concern companies, etc. and thereby caused wrongful loss to the tune of Rs 100.03 Cr plus to
CBI registers two cases against IL&FS subsidiaries for defrauding banks aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.