The CBI has filed an FIR against IL&FS Energy Development Company Ltd and its top executives, accusing them of cheating Canara Bank of Rs 212 crore through a fraudulent loan scheme. Searches were conducted in Delhi, Mumbai, and Noida, and incriminating documents were seized. The case was registered on October 21, following a complaint by Canara Bank’s circle office in Bandra. The accused, including MD Sunil Wadhwa, directors Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa, and Arun Kumar Saha, and unknown public servants and private individuals, are named as accused. The case involves charges of conspiracy and cheating.
Key points
CBI investigates IL&FS Energy Development Company Ltd and its top executives for alleged…: CBI investigates IL&FS Energy Development Company Ltd and its top executives for alleged Rs 212 crore loan fraud.
Searches conducted in Delhi, Mumbai, and Noida, and incriminating documents seized.: Searches conducted in Delhi, Mumbai, and Noida, and incriminating documents seized.
Case registered on October 21 following a complaint by Canara Bank’s office in Bandra.: Case registered on October 21 following a complaint by Canara Bank’s office in Bandra.
Sources checked by our analysis pipeline: 1
NEW DELHI: CBI has registered an FIR against a Mumbaibased firm and its top executives for allegedly cheating Canara Bank of Rs 212 crore, officials said on Saturday. Searches were conducted in Delhi, Mumbai and Noida, and incriminating documents seized.
CBI has named M/s IL&FS Energy Development Company Ltd, its MD and directors — Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha — and unknown public servants and private individuals as accused. The case was registered on Oct 21 following a complaint by Canara Bank’s circle office in Bandra.
According to CBI, the accused allegedly entered into a conspiracy to secure a term loan of Rs 100 crore from erstwhile Syndicate Bank, now merged with Canara Bank, at its Large Corporate Branch in Mumbai, along with a foreign currency loan of $50 million from its London branch.
The company allegedly diverted and siphoned the funds through associate entities instead of using them for sanctioned purposes, causing an estimated wrongful loss of Rs 212.3 crore. The FIR invokes charges of conspiracy, cheating.
Torsten Slok, CEO of Apollo Global Management, emphasizes that despite significant investment and widespread hype surrounding artificial intelligence (AI), US companies have not seen any financial benefits from adopting AI technology. Instead, AI has been viewed as a costly and margin-harming expense, particularly for companies that are heavily reliant on it. This shift in perception is partly due to the increased token burn in venture capital-backed firms, indicating a growing recognition of AI as a significant f…
A $180 loan spiraled into a $1,040 debt trap for domestic worker Lucy, threatening her livelihood and safety. Lucy, 51, was forced to repay a loan of $180 for a $1,040 debt after being threatened by loan sharks. Employers and foreign domestic workers (FDWs) face the risk of debt traps, with small loans growing quickly and creditors threatening or even physically intimidating workers. FDWs often hide their debts from employers, leading to underreported cases. Experts call for better data collection, stronger checks…
Michelle, a Filipino worker in Singapore, found herself deeply in debt after a paluwagan savings pool led to a dispute over money collected by her. When she was unable to repay her debts, lenders even contacted her employer, leading to her being kept on despite her repeated attempts to clear her name. Michelle fears her contract may not be renewed, and she is considering returning home due to her exhaustion.