CBI books ex-Aircel promoter’s firms in ₹600 crore IDBI bank fraud

Former Aircel promoter C Sivasankaran’s firms had allegedly taken a loan of ₹530 crore from IDBI Bank in February 2014. The amount increased to ₹600 crore after becoming a non-performing asset

The CBI has registered a case against former Aircel promoter C Sivasankaran’s companies, Axcel Sunshine Ltd and Finland-based Win Wind Oy for allegedly defaulting on loans worth ₹600 crore taken from IDBI bank, officials said on Thursday.

15 senior officers of IDBI bank, including retired officials, and 24 private officials, including directors and chairmen, and their companies have been booked in the ₹600 crore fraud case. (Pradeep Gaur/Mint)

They said the agency is carrying out searches at 50 locations, including the residences of former senior IDBI bank officials.

The searches are spread across Delhi, Faridabad, Mumbai, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, according to the officials.

Sivasankaran’s firms had allegedly taken a loan of ₹530 crore in February 2014. The amount increased to ₹600 crore after becoming a non-performing asset, they said.

The case was registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Limited on allegations of perpetrating fraud through loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited, the officials said.

They said 15 senior officers of IDBI bank, including retired officials, and 24 private officials, including directors and chairmen, and their companies have been booked.