CBI books IL&Fs Energy Development Company Ltd, directors in loam fraud case


New Delhi, June 22 (IANS) The CBI on Thursday booked IL&Fs Energy Development Company Limited and its directors for allegedly duping Punjab National Bank (PNB) to the tune of Rs Rs 100.03 crore.

A senior CBI officer said that it received a complaint in this regard from the Punjab National Bank (PNB), which alleged that IL&FS Energy Development Company Ltd. (IEDCL), and its directors, namely Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and other unknown persons, entered into a criminal conspiracy and misappropriated the sanctioned credit facilities by way of cheating, utilisation of loan funds contrary to the sanctioned terms and conditions.

By diverting the sales proceeds to related sister concern companies, the accused caused wrongful loss to the tune of Rs 100.03 crore to PNB.

“After receiving the complaint, we lodged a case under Sections 120-B read with 420 of Indian Penal Code and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act againat IL&FS Energy Development Company Ltd. and its directors,” the officer said.


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