The CBI has registered a case against former Aircel promoter C. Sivasankaran's companies Axcel Sunshine Ltd and Finland-based WinWinD Oy for defaulting a loan of Rs 600 crore sanctioned by IDBI bank, an official said on Thursday.
The agency on Thursday also carried out searches at 50 locations across 10 cities, including the residences of former senior IDBI bank officials.
It filed an FIR on charges of criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Ltd on allegations of perpetrating fraud through the loan accounts of WinWinD Oy and Axcel Sunshine Ltd.
Some former senior IDBI officials are also named in the Central Bureau of Investigation (CBI) FIR.
Searches were conducted across Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, the CBI official said.
Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming Non-Performing Asset, said the official.
--IANS
rak/him/vm
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app