MUMBAI (India CSR): The Central Bureau of Investigation (CBI) and Anti Corruption Bureau (ACB) in Bhopal have jointly registered a case against a Mumbai-based company for allegedly misappropriating Rs 6,524 crore from 19 banks between 2016 and 2018. The ACB unit in Bhopal took the lead in filing the case against the company officials.
Written Complaint Submitted by Canara Bank Official
According to the CBI, the case was initiated based on a written complaint submitted by Bhavendra Kumar, the Chief General Manager of Canara Bank Circle Office in New Delhi, on May 26, 2023. The complaint alleges that the company, ITNL (IL&FS Transportation Networks Ltd.) (name of the company), along with its directors and Chief Financial Officer (CFO), engaged in fraudulent activities that resulted in a loss of funds for 19 banks, with Canara Bank being the largest lender among them.
Misappropriation of Sanctioned Credit Facilities
The accused individuals are believed to have misappropriated the sanctioned credit facilities by diverting funds, engaging in circular transactions between sister concerns, and misrepresenting the books of income and expenditures. As a result, the lending banks have suffered a loss of Rs 6,524 crore as of October 31, 2021.
Company’s Role in Transportation Infrastructure Projects
The company in question is primarily involved in the development, operation, and facilitation of surface transportation infrastructure projects. They undertake various tasks, ranging from conceptualization and commissioning to operations and maintenance. These projects are executed under Public Private Partnerships (PPPs) on a Build-Operate-Transfer (BOT) basis.
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