Face2News/Mumbai
The Central Bureau of Investigation (CBI) has registered a case on the complaint of Canara Bank, Circle Office, Bandra (East), Mumbai, against M/s IL & FS Energy Development Company Limited and its Managing Directors / Directors, namely i) Mr. Sunil Wadhwa, (ii) Mr. Anoop Seth, (iii) Mr. Hari Sankaran, (iv) Mr. Ramesh Chandra Bawa, (v) Mr. Arun Kumar Saha, unknown public servants and unknown private persons for offenses of criminal conspiracy for cheating and also the offenses under the Prevention of Corruption Act, resulting in alleged wrongful loss of Rs. 212.34 Crore to the complainant Bank.
It has been alleged that the accused persons entered into a criminal conspiracy, obtained Term Loan of Rs.100 Crore from Erstwhile Syndicate Bank (now Canara Bank), LCB Branch, Mumbai and USD 50 Million from London Branch. The company defrauded the bank by not utilizing the bank funds for the intended purpose for which it was sanctioned. Further, it is alleged that the company diverted the funds by siphoning off through associate companies and caused loss to the bank.
Following registration of the case on 21.10.2026, the CBI conducted searches at multiple premises linked to the Managing Directors / Directors of M/s IL & FS Energy Development Company Limited in Mumbai, Delhi and Noida etc.
During the searches, incriminating bank documents, Deposit Slips, Mutual Funds Portfolio documents, Bank Account / Property details of the Directors and Ledgers of the Company etc. relevant to the investigation were recovered and seized.
Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants & private individuals, and trace the end-use of the loan funds.
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