CBI books IL&Fs Energy Development Company Ltd, directors in loan fraud case worth Rs.100.03 cr

By diverting the sales proceeds to related sister concern companies, the accused caused wrongful loss to the tune of Rs.100.03 crore to Punjab National Bank

PGurus Newsdesk

June 23, 2023

By diverting the sales proceeds to related sister concern companies, the accused caused wrongful loss to the tune of Rs.100.03 crore to Punjab National Bank

Loan fraud: CBI books IEDCL, and its directors for duping Punjab National Bank

The Central Bureau of Investigation (CBI) booked IL&Fs Energy Development Company Limited (IEDCL), and its directors for allegedly duping Punjab National Bank (PNB) to the tune of Rs.100.03 crore.

By diverting the sales proceeds to related sister concern companies, the accused caused wrongful loss to the tune of Rs.100.03 crore to PNB.

A senior CBI officer said that it received a complaint in this regard from the PNB, which alleged that IEDCL, and its directors, namely Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and other unknown persons, entered into a criminal conspiracy and misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanctioned terms and conditions.

“After receiving the complaint, we lodged a case under sections 120-B read with 420 of Indian Penal Code and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act againat IL&FS Energy Development Company Ltd. and its directors,” the officer said.

[With Inputs from IANS]

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