Loan fraud: Case registered against former Aircel promoter Sivasankaran's companies
(Sourced from PTI)
The CBI has registered a case against former Aircel promoter C Sivasankaran's companies, Axcel Sunshine Ltd and Finland-based Win Wind Oy, for allegedly defaulting on loans worth Rs. 600 crore taken from IDBI Bank, officials said on Thursday. They said the agency is carrying out searches at 50 locations, including the residences of former senior IDBI Bank officials. Here's more.
Sivasankaran allegedly took a loan of Rs. 530 crore in February 2014. This swelled to Rs. 600 crore after becoming NPA, officials said. The case has been registered under sections relating to criminal conspiracy, cheating, and corruption against British Virgin Islands-based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland, and Axcel Sunshine Limited, officials said.