The Central Bureau of Investigation (CBI) raided the office of IL&FS Energy Development Company (IEDCL) and the residences of its directors. The raid was related to an alleged loan fraud of Rs 100.03 crore.
IEDCL and its directors, including Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa, and Anoop Seth, were named in the FIR registered by the CBI on June 22.
According to the FIR, IEDCL obtained a loan of Rs 100.03 crore from Punjab National Bank (PNB) in 2010. However, the company diverted the funds and failed to repay the loan.
Searches were conducted by the CBI at the IEDCL office in Gurugram, the directors’ residences in Mumbai and Gurugram, as well as other locations in Delhi and Noida.
The CBI is currently investigating the involvement of the directors in the alleged loan fraud.
This action by the CBI occurs during a financial crisis faced by the IL&FS group, which has defaulted on loans exceeding Rs 90,000 crore.
The CBI has been examining multiple cases of financial irregularities within the IL&FS group. In January 2023, Ravi Parthasarathy, the former chairman of IL&FS, was arrested by the agency in connection with a loan fraud case.
The CBI’s actions against IEDCL serve as a reminder of the risks associated with lending to large infrastructure companies. Banks should prioritize thorough due diligence before approving loans for such entities.
