The CBI has filed an FIR against IL&FS Transportation Network Limited and its then directors for allegedly causing a loss of more than Rs 6,524 crore to a Canara Bank-led consortium, officials said on Friday.
In its FIR, the Central Bureau of Investigation (CBI) has booked Mumbai-based IL&FS Transportation Network Limited (ITNL) and its directors Karunakaran Ramchand, Deepak Das Gupta, Mukund Gajanan Sapre and then chief financial officer (CFO) Dilip Lalchand Bhatia for alleged criminal conspiracy and cheating as well as under the provisions of the Prevention of Corruption Act.
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It is alleged that the accused entered into a criminal conspiracy to cheat 19 banks under multiple banking arrangements (the Canara Bank being the largest lender).
The loan account was declared a non-performing asset (NPA) in 2018 and subsequently, categorised as "fraud" in 2021.
In its complaint to the CBI, which became the basis for the FIR, the Canara Bank has alleged that the accused misappropriated the sanctioned credit facilities through cheating, diversion of funds, circular transactions between related and sister concerns and misrepresentation of books of income and expenditures.
The CBI has alleged that the accused caused a wrongful loss, amounting to Rs 6,524 crore, to the consortium and wrongfully enriched themselves.