The IL&FS subsidiary and its directors are accused by the Central Bureau of Investigation (CBI) of defrauding banks out of Rs 120.03 crore in two different cases. The FIR accessed by ANI reads that the general manager of Punjab National Bank registered a complaint with CBI alleging that the borrower Company IL&FS Energy Development Company Ltd. (IEDCL) and its Directors, namely, Hari Sankaran, Late Ravi Parthasarathy (since died), Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa and Anoop Seth and another unknown private person (s) and unknown public servant(s) entered into a criminal conspiracy to cheat Punjab National Bank (e- United Bank of India) and the accused persons misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms and conditions, diversion of sale proceeds to related/ sister concern companies, etc. and thereby caused wrongful loss to the tune of Rs 100.03 Cr plus to the Bank and corresponding wrongful gain to themselves. In another case, the CBI received a complaint against IL&FS Transportation Network Limited (ITNL) from Union Bank of India, Mumbai, alleging therein that the company IL&FS Transportation Network Limited (ITNL) and its directors, Hari Shankaran, Arun Saha, Ravi Parthsarathi (deceased), Mukund Sapre, and K Ramchand, entered into a criminal conspiracy to cheat Union Bank of India. The accused misappropriated the authorised credit facilities through fraud, money laundering, unauthorised circular transactions between related/sister companies, misrepresenting books of income and expenditures, etc., resulting in a loss of Rs 20 crore plus interest for the Union Bank of India and a corresponding gain for themselves.
