New Delhi: The Central Bureau of Investigation (CBI) has taken a major step in the case of alleged defrauding of crores of rupees in the banking system. A case of alleged bank fraud of Rs 212.34 crore has been registered against Mumbai-based IL&FS Energy Development Company Limited and its then managing directors and directors on a complaint by Canara Bank. The role of unknown public servants and private individuals is also being investigated in the case.
According to CBI, the names of the accused include Sunil Wadhwa, Anoop Seth, Hari Shankaran, Ramesh Chandra Bawa and Arun Kumar Saha. The complaint alleges criminal conspiracy, cheating and offenses under the Prevention of Corruption Act.
Loan of Rs 100 crore and foreign loan of 50 million dollars
According to the complaint, the company had obtained a term loan of Rs 100 crore from the Mumbai-based LCB branch of the erstwhile Syndicate Bank, now Canara Bank, and a loan of US $ 50 million from the London branch. It is alleged that the loan amount was diverted through associate companies instead of being spent for the prescribed purposes, causing alleged economic loss to the bank.
Investigation network from Mumbai to Noida
After registering the case on October 21, 2026, CBI searched the premises linked to the accused at several places including Mumbai, Delhi and Noida. During the action, bank documents, deposit slips, mutual fund investment related documents, details of bank accounts and properties and account book documents of the company were recovered and confiscated.
Now investigating the end use of the money
The investigating agency is now busy connecting the entire link of the alleged conspiracy, clarifying the role of the concerned persons and finding out the actual use of the loan amount. At present the investigation into the allegations is ongoing.