New Delhi: The Central Bureau of Investigation (CBI) on Thursday booked Syndicate Bank Managing Director and CEO Melwyn Rego, Kishor Kharat MD and CEO of Indian Bank and other bank and private individual in a Rs 600 crore IDBI loan fraud case.
The CBI has also booked former Aircel promoter C Sivasankaran and its companies Axcel Sunshine Ltd and Finland-based Win Wind Oy (WWO) in the case. According to the CBI, Rego and Kharat were Deputy Managing Director and Chief Managing Director of IDBI when the alleged loan fraud was taken place.
The CBI conducted searches in 50 places in 10 cities, including Delhi, Mumbai, Faridabad, Gandhi Nagar, Chennai, Bengaluru, Belgaum, Hyderabad, Jaipur and Pune at the premises of accused and others.
The CBI FIR says that the company was granted voluntary bankruptcy by a Court in Finland in October 2013 but in February/ March 2014 a loan amounting to `523 crore (approx) was sanctioned by IDBI. “It was alleged that Finland based Company was sanctioned loan by ICG, Chennai, IDBI in October, 2010 to the extent of USD equivalent of EUR 322.40 crore (approx). The performance of said company showed stress and it was eventually granted voluntary bankruptcy by a Court in Finland in October 2013.
It was further alleged that in February / March 2014 a loan amounting to `523 crore (approx) was sanctioned by IDBI to the company based in the British Virgin Islands, an associate company of the said Group of Companies,” CBI said. The loan was allegedly used for repaying other loans of other associate companies of this Group in flagrant violation of the regulatory guidelines of RBI on Foreign Investments in India, CBI said.