CBI registers case against IDBI Bank, Axcel Sunshine for Rs. 600 Cr. fraud

The Central Bureau of Investigation (CBI) on Thursday registered a case against the then senior officials of IDBI Bank, Axcel Sunshine and others on allegations of perpetrating fraud of approximately Rs 600 crores through loan accounts of Axcel Sunshine Limited and another company.

The CBI has registered a Case U/s 120-B, 409, 420, Indian Penal Code (IPC) and U/Section 13(2) r/w 13(1)(d) of PC Act, 1988.

Searches are underway at over 50 places across 10 cities including Delhi, Mumbai, Faridabad, Bengaluru among others, according to the CBI.

At the time of filing this report, searches are under way at certain places.