The Central Bureau of Investigation has registered a case against former Aircel promoter C Sivasankaran’s two companies and former IDBI Bank officials for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank, the agency said in a media statement today.
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, the statement said.
The case has been registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Ltd. on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Ltd., the CBI statement adds.
The loans were granted by IDBI Bank “at its highest decision making level comprising of the senior most management and even independent directors, disregarding the existing guidelines, instructions and procedures”, the investigative agency said.
The then chairman and managing director MS Raghavan, and then Deputy managing directors BK Batra and MO Rego are among the 15 IDBI Bank officials who have been named in the CBI chargesheet. The list also includes Kishor Kharat, the then MD and CEO of IDBI. Kharat is presently MD and CEO of Indian Bank while Rego is the chief of Syndicate Bank.
Besides these 15 former IDBI Bank officials, 24 private officials, including directors and chairmen, and their companies have also been booked.
The agency carried out searches at 50 locations, including the residences of these former IDBI Bank officials. The searches were spread across Delhi, Faridabad, Mumbai, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune.
IDBI Bank, in an emailed statement said the loan to Axcel Sunshine became a non-performing asset in December 2015 and has been fully provided for. "The bank has initiated recovery actions to recover dues from the borrower in August 2016. CBI in this context has been examining certain documents relating to the loan given by IDBI Bank and have spoken to the senior officers of the bank, who had handled the case. The officers are providing the requisite information and clarification to the investigating authorities," the statement added.
Here’s a list of the bank officials named in the chargesheet:
- MS Raghavan, the then Chairman and Managing Director, IDBI Bank
- BK Batra, the then Deputy Managing Director, IDBI Bank
- MO Rego, the then Deputy Managing Director, IDBI Bank
- PS Shenoy, the then Independent Director, IDBI
- S Ravi, the then Independent Director, IDBI
- Ninad Karpe, the then Independent Director, IDBI
- Biju George, the then General Manager, IDBI Bank
- Manoj Alex, the then Regional Manager, IDBI Bank
- Venkata Krishnan, the then General Manager, IDBI Bank
- Subroto Gupta, the then CGM, IDBI Bank
- Viney Kumar, the then Executive Director, IDBI Bank
- G Suneel Babu, the then DGM, ICG
- B Ravindranath, the then ED; IDBI
- Gurudeo Madhukar Yadwadkar, the then Deputy Managing Director, IDBI Bank
- Kishor Kharat, the then MD and CEO, IDBI
(With PTI inputs)