Shillong, June 23: The Central Bureau of Investigation (CBI) carried out search operations at the office of IL&FS Energy Development Company Ltd (IEDCL) and the residential premises of its directors in New Delhi, Dehradun, and Mumbai. The operation was conducted in connection with a loan fraud case, and the CBI recovered incriminating documents and other evidence during the searches.
The CBI had booked the IEDCL and its directors for allegedly cheating Punjab National Bank (PNB) of Rs 100.03 crore. The bank had filed a complaint, accusing the company and its directors, including Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa, Anoop Seth, and other unidentified individuals, of engaging in a criminal conspiracy and misappropriating the sanctioned credit facilities. The alleged fraud involved the diversion of sale proceeds to related sister concern companies, resulting in a wrongful loss of Rs 100.03 crore to PNB.
Based on the bank’s complaint, the CBI registered a case against IEDCL and its directors under sections 120-B read with 420 of the Indian Penal Code (IPC) and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act (PC Act).
