Moneycontrol PRO
Open App
you are here: HomeNewsBusiness

CBI books former Aircel promoter C Sivasankaran's companies in Rs 600 cr loan fraud, top IDBI Bank officials booked

CBI said it is one of the rare cases where so many top bankers have been named in an FIR

April 27, 2018 / 09:08 AM IST
  • bselive
  • nselive
Todays L/H

The CBI on Thursday registered a case against former Aircel promoter C Sivasankaran's companies - British Virgin Islands-based M/s Axcel Sunshine Limited and Finland-based Win Wind Oy - for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank.

The search operation included raids in the residences of MS Raghvan (former CMD, IDBI Bank), BK Batra (former DMD of IDBI Bank) and Mervin O Rego (former DMD of IDBI Bank and presently serving as CMD and CEO of Syndicate Bank). As a result, 15 former and serving officers of the bank have been booked.

CBI conducted searches at 50 places located across 10 cities, including Delhi, Mumbai, Faridabad, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune.

Late in the day, IDBI Bank issued a statement saying that they had given a loan to Axcel Sunshine Ltd in February 2014, which became NPA in December 2015. The bank said the loan  has  been  fully  provided for and it the  recovery actions to recover dues from the borrower in August 2016.

According to information received earlier, it was reported that IDBI Bank had sanctioned the loan in October 2010.


The private companies named in the FIR are Axcel Sunshine Limited, BVI, M/s Broad Code Investments BVI, M/s Indian Telecom Holdings Limited, Mauritius limited, Lotus Venture Investment, Shiva Palm Corp Limited Singapore, Siva Industries and Holding Limited Chennai, Win Wind Oy Finland (WWO), M/s Sterling Agro Product and Processing Pvt Limited, Chennai, M/s Planet Pickels Private Limited, Bengaluru, Win Wind Power Energy Private Limited, Thiruvallur.

CBI said it is one of the rare cases where so many top bankers have been named in an FIR. The case was referred to CBI by CVC.
Tarun Sharma
first published: Apr 26, 2018 02:13 pm
ISO 27001 - BSI Assurance Mark