IDBI bank fraud: Lookout notice against C Sivasankaran still open

Last Updated: Fri, Mar 08, 2019 12:49 hrs
idbi bank

The lookout notice against businessman C Sivasankaran, an accused in IDBI bank defrauding case, is still open, according to CBI sources.

The CBI has refuted reports that Sivasankaran has fled the country.

Last year, the CBI registered cases against 15 former senior officials of IDBI Bank and 24 others including members of private companies, on allegations of perpetrating a fraud of approximately Rs 600 crore through loan accounts of Axcel Sunshine Limited and another company.

The CBI registered a case under sections 120-B, 409, and 420 of the Indian Penal Code (IPC) and under section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988.



Besides IDBI Bank and Axcel Sunshine Limited, the CBI also named Finland-based Win Wind Oy and Seychelles-based Siva Investments and Holdings Limited in the fraud case.

The fraud-hit IDBI had sanctioned a loan of Rs 322 crore Win Wind Oy in October 2010, which turned into a Non Performing Asset (NPA), and the company went bankrupt, the CBI informed. Siva Investments and Holdings Limited is a holding company for Win Wind Oy.

In February 2013, the IDBI sanctioned another loan of Rs 523 crore to British-based Axcel Sunshine Ltd.

This company is an associate of Shiva group, and this loan was used to repay the loans of Shiva Group's other subsidiaries.

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