The CBI has registered a case against former Aircel promoter C Sivasankaran's companies, Axcel Sunshine Ltd and Finland-based Win Wind Oy for allegedly defaulting on loans worth Rs 600 crore taken from IDBI bank, officials said today.
They said the agency is carrying out searches at 50 locations, including the residences of former senior IDBI bank officials.
The searches are spread across Delhi, Faridabad, Mumbai, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, the officials said.
Sivasankaran's firms had allegedly taken a loan of Rs 530 crore in February 2014. The amount increased to Rs 600 crore after becoming a non-performing asset, they said.
The case was registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.
They said 15 senior officers of IDBI bank, including retired officials, and 24 private officials, including directors and chairmen, and their companies have been booked.
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