New Delhi (Agency): The Central Bureau of Investigation (CBI) carried out search operations at the office of IL&FS Energy Development Company Ltd (IEDCL) and the residential premises of its directors in New Delhi, Dehradun, and Mumbai. The raids were conducted in connection with a loan fraud case involving the Punjab National Bank (PNB). During the operation, the CBI recovered incriminating documents and other articles.
The IEDCL and its directors, including Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa, Anoop Seth, and other unidentified individuals, have been booked by the CBI for allegedly cheating the Punjab National Bank of Rs 100.03 crore.
The PNB filed a complaint stating that the accused, in a criminal conspiracy, misappropriated the sanctioned credit facilities by diverting the loan funds contrary to the terms and conditions. It is alleged that the accused used the sale proceeds for related sister concern companies, causing a wrongful loss of Rs 100.03 crore to the PNB.
Upon receiving the complaint, the CBI registered a case under sections 120-B read with 420 of the Indian Penal Code (IPC) and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act against the IEDCL and its directors. The investigation into the case is currently underway.