Winning Bizness Desk
Mumbai. The CBI has registered a case against a total of six people for defrauding 19 major banks in the country by the IL&FS company to the tune of Rs 6,524 crore. Punjab National Bank, Canara Bank, Bank of India, State Bank of India, Yes Bank and other banks have been hit by scams. The companies engaged in the construction of transport infrastructure in the country would have taken loans from 19 banks. However, in 2018, NCLT set up a new Board of Directors in the company after it came to the notice of financial irregularities in the company. After that, the financial scam by the former directors of the company came to the fore. The loan account was declared a non-performing asset (NPA) in 2018 and subsequently, categorised as 'fraud' in 2021. The next investigation in this matter is currently underway.
Accused are white collar criminals
Canara Bank has complained to CBI that it has scammed more than Rs 6,524 crore through ITL. The accused are white collar criminals and they have good knowledge of law. He also knows how to protect himself from the clutches of the law. Misuse of loan taken by IL&FS company. Also, the company engaged in construction of transport infrastructure in the country would have taken loans from 19 banks. However, in 2018, the National Company Law Authority (NCLT) set up a new Board of Directors in the company after it came to the notice of financial irregularities in the company. After that, the financial scam by the former directors of the company came to the fore.
FIR on the basis of complaint
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 bank in its complaint claimed that ITNL, a subsidiary of IL&FS, is the largest 'Built, Operate and Transfer' road asset owner in India and a market leader in the transport infrastructure sector having its presence in metro rail, city bus service and border check posts.
