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The Central Bureau of Investigation (CBI) has registered a case against M/s IL&FS Energy Development Company Limited and several of its key executives following a complaint filed by Canara Bank’s Circle Office in Bandra (East), Mumbai. The accused managing directors and directors named in the FIR include:
- Mr. Sunil Wadhwa
- Mr. Anoop Seth
- Mr. Hari Sankaran
- Mr. Ramesh Chandra Bawa
- Mr. Arun Kumar Saha
The case also extends to unknown public servants and private individuals implicated in criminal conspiracy, cheating, and violations under the Prevention of Corruption Act, resulting in an alleged wrongful loss of Rs. 212.34 crore to the bank.
Details of the Alleged Fraud
According to investigators, the accused entered into a criminal conspiracy to secure financial backing under false pretenses. They obtained a term loan of Rs. 100 crore from the erstwhile Syndicate Bank (now amalgamated with Canara Bank) at its LCB Branch in Mumbai, alongside a USD 50 million facility from its London branch. Authorities allege that the company diverted these funds by siphoning them off through associate companies instead of utilizing the capital for the intended operational purposes for which the loans were sanctioned.
Recent Raids and Seizures
Following the registration of the case on October 21, 2026, the CBI conducted coordinated searches across multiple premises linked to the company’s directors in Mumbai, Delhi, and Noida. The searches yielded incriminating materials, including:
- Bank and property documents relating to the directors
- Deposit slips and mutual fund portfolio papers
- Company ledgers and crucial financial records relevant to the ongoing probe
The CBI stated that the investigation is actively continuing to uncover the full scope of the conspiracy, determine the involvement of any other public servants or private parties, and trace the final utilization of the disbursed loan funds.
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