The Central Bureau of Investigation (CBI) on Thursday registered cases against 15 former senior officials of IDBI Bank and 24 others including members of private companies, on allegations of perpetrating a fraud of approximately Rs 600 crore through loan accounts of Axcel Sunshine Limited and another company.
The CBI registered a case under sections 120-B, 409, and 420 of the Indian Penal Code (IPC) and under section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.
Besides IDBI Bank and Axcel Sunshine Limited, the CBI also named Finland-based Win Wind Oy and Seychelles-based Siva Investments and Holdings Limited in the fraud case.
The fraud-hit IDBI had sanctioned a loan of Rs 322 crore Win Wind Oy in October 2010, which turned into a Non Performing Asset (NPA), and the company went bankrupt, the CBI informed.
Siva Investments and Holdings Limited is a holding company for Win Wind Oy. C Sivasankaran is the chairman of Siva Group of companies.
In February 2013, the IDBI sanctioned another loan of Rs 523 crore to British-based Axcel Sunshine Ltd. This company is an associate of Shiva group, and this loan was used to repay the loans of Shiva Group's other subsidiaries.
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At the time of filing of this report, searches were underway at over 50 places across 10 cities including Delhi, Mumbai, Faridabad, Bengaluru among others, according to the CBI.
Following are the accused named in the case- MS Raghavan, then CMD of IDBI, BK Batra, then DMD of IDBI, MO Rego, then DMD of IDBI and now serving MD and CEO of Syndicate bank, PA Shenoy, then Independent Directorate of IDBI, S Ravi and Nilad Karpe, then independent director of IDBI , K Biju George, current GM of IDBI, Manoj Alex, then regional manager of IDBI and the current DGM, Venka Krishnan, current GM, Subrata Gupta, then CGM IDBI and serving ED, Vinney Kumar, then ED, G Suneel Babu, then DGM IDBI and current GM of IDBI, B Rabrinathanath, then ED of IDBI, GM Yadwadkar, then ED and the current DMD, Kishore Kharat, then CMD of IDBI and the current MD and CEO of Indian Bank, Chennai.