The Central Bureau of Investigation (CBI) has registered two separate offences against M/s IL&FS Energy Development Company Ltd. (IEDCL) and M/s IL&FS Transportation Network Limited (ITNL), both related to the IL&FS group companies for allegedly causing loss of Rs 100 crores to Punjab National Bank (PNB) and Rs 20 crores to the Union Bank of India respectively. The CBI has registered two separate cases on charges of criminal conspiracy, cheating and criminal misconduct and have launched an investigation in both the cases.
According to the CBI, a written complaint dated 16.06.2023, was received from complainant Rakshak H. Shah, Asst. General Manager, PNB Mumbai, alleging therein that the borrower Company IEDCL and its directors, other unknown private persons and unknown public servants entered into a criminal conspiracy to cheat PNB (erstwhile United Bank of India) and in pursuance to the said criminal conspiracy, the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms & conditions, diversion of sale proceeds to related, sister concern companies etc. and thereby caused wrongful loss to the tune of Rs 100.03 crore as on 31.12.2018 (date of NPA) to the bank and corresponding wrongful gain to themselves.
"CBI has conducted searches at office and residential premises of the accused and the company at New Delhi, Dehradun and Mumbai which led to recovery of incriminating documents, articles, etc," said a CBI official.
Stating about the case related to ITNL, the agency officials said, a written complaint dated 16.06.2023 was received from Devakanth Nori, Assistant General Manager, Union Bank of India, Mumbai alleging therein that the company ITNL and its directors entered into a criminal conspiracy to cheat Union Bank of India and in pursuance of the said criminal conspiracy, the accused persons misappropriated the sanctioned credit facilities by cheating, diversion of funds, unauthorized circular transactions between related, sister concerns, misrepresentation of books of income and expenditures etc, and thereby caused wrongful loss of Rs 20 crores as on 31.03.2021 to the Union Bank of India and corresponding wrongful gain to themselves.
The search was carried out at three locations, belonging to the company and its directors.
Although the number of banking fraud cases has gone up in the past year, the amount stolen from lenders has gone down by 50 per cent to hit Rs 30,252 crore.
The number of bank fraud cases nearly doubled during FY23 to reach 13,530, while economic offenders behind some of India's biggest loan frauds are at large. Punjab National Bank had hit the headlines when Nirav Modi had siphoned off Rs 14,000 crore from the lender before fleeing India.
