The Central Bureau of Investigation (CBI) has registered two separate cases against IL & FS subsidiaries and its directors for allegedly duping banks to the tune of Rs 120.03 crore.The FIR accessed by ANI reads that the general manager of Punjab National Bank registered a complaint with CBI alleging that the borrower Company IL & FS Energy Development Company Ltd. (IEDCL) and its Directors, namely, Hari Sankaran, Late Ravi Parthasarathy (since died), Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and another unknown private person (s) and unknown public servant(s) entered into a criminal conspiracy to cheat Punjab National Bank (e- United Bank of India) and the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms and conditions, diversion of sale proceeds to related/ sister concern companies, etc. and thereby caused wrongful loss to the tune of Rs 100.03 Cr plus to
The RBI circular permitting banks to enter into a one-time settlement with wilful defaulters poses a significant risk to the stability of financial institutions in the country, the CPI MP Binoy Viswam has said.
The Central Bureau of Investigation (CBI) court sentenced a former Syndicate bank manager to seven years of Rigorous Imprisonment (RI) in a bank fraud case.The Additional District Judge for CBI Cases sentenced former Syndicate bank manager Gunaseelan Bank to undergo seven years of Rigorous Imprisonment with a fine amounting to Rs 75,000 and three years of RI to fourteen others involved in the fraud case."Paul Johnson and A. Kumaresan (private persons), both to undergo three years RI with a fine of Rs. 20,000 each; Jesuvin Febi to undergo three years RI with a fine of Rs.30,000; R. Mahalingam, C. Arumughan, Raja Thomas, R. Murali, R. Thirupati, G. Thangarajan, R. Vadamalai, A. Jesuraj, Sharun Rashit, P. Theradimuthu & S. Sundaresan, all to undergo three years RI with fine of Rs. 60,000 each in a bank fraud case," read an official press release from the CBI.CBI had registered a case on October 1, 2010, against the accused on a complaint from Syndicate bank, Regional Offic
That deal, sketched in February, was at the time the largest ever announced by number of planes. But it was surpassed on day one of Paris show by rival IndiGo's order for 500 Airbus narrowbody jets