The Central Bureau of Investigation (CBI) on Thursday registered a case against C Sivasankaran's company Axcel Sunshine in Rs 600 crore loan default with the IDBI Bank. The central agency carried out searches at 50 locations across 10 cities, including residences of former senior IDBI bank officials in the loan default case. Searches were carried out in Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune, officials said.
As per ANI report, the probe agency has also registered a case against the then senior officials of IDBI Bank, Axcel Sunshine and others on allegations of perpetrating fraud through loan accounts of Axcel Sunshine Limited and another company to the tune of around Rs 600 crore.
Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming non-performing asset (NPA), officials said.
- This is a developing story, more details awaited
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