CBI books former Aircel promoter's companies in Rs 6-bn loan fraud
Photo: economictimes.indiatimes.com

CBI books former Aircel promoter's companies in Rs 6-bn loan fraud

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The CBI has spread out its search at 50 locations, including Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, and the residences of former senior IDBI bank officials. (Express photo by Purushottam Sharma/Archives)

The CBI registered a Rs 600-crore bank fraud case against former Aircel promoter C Sivasankaran’s companies — British Virgin Islands-based Axcel Sunshine Ltd and Finland-based Win Wind Oy — on Thursday. The companies have allegedly defaulted on a loan of Rs 530 crore availed in February 2014 from the IDBI Bank. It reportedly increased to Rs 600 crore after becoming NPA.

The CBI has spread out its search at 50 locations, including Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, and the residences of former senior IDBI bank officials.

CBI registers case in a Rs 600 crore bank fraud case against IDBI bank, Axcel Sunshine Limited, British Virgin Islands on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited. Raids at 50 locations. @IndianExpress

Axcel Sunshine Limited has been charged with criminal conspiracy, cheating and corruption on allegedly committing fraud on accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.

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