NEW DELHI: Central Bureau of Investigation (CBI) has registered an FIR against Mumbai-based firm and its top executives for allegedly cheating Canara Bank of Rs 212 crores, officials said on Saturday. Searches were conducted in Delhi, Mumbai and Noida Saturday and incriminating documents seized.The agency has named as accused M/s IL & FS Energy Development Company Limited along with its Managing Directors and Directors – Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa, and Arun Kumar Saha —in addition to unknown public servants and private individuals.The case was registered on October 21 following a formal complaint lodged by Canara Bank’s Circle Office in Bandra (East), Mumbai.According to the CBI, the accused entered into a criminal conspiracy to secure a term loan of Rs 100 crore from the erstwhile Syndicate Bank (now merged with Canara Bank) at its Large Corporate Branch in Mumbai, along with a foreign currency loan of USD 50 million from its London branch.Rather than utilizing the credit facilities for their sanctioned purposes, the firm allegedly defrauded the lender by diverting and siphoning off the funds through associate entities, causing an estimated wrongful loss of Rs 212.3 crore.Following the registration of the First Information Report (FIR) under charges of criminal conspiracy, cheating, and provisions of the Prevention of Corruption Act, the agency carried out extensive search operations across multiple premises linked to the accused directors.
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During these raids, CBI officials recovered and seized a range of incriminating material, including bank account and property details of the directors, deposit slips, mutual fund portfolio documents, and company ledgers.Probe agency officials confirmed that further investigation is ongoing to uncover the full extent of the conspiracy, trace the ultimate end-use of the diverted loan proceeds, and establish the specific roles of all involved individuals, including public servants.