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CBI books former Aircel promoter C Sivasankaran's companies in Rs 600 crore loan fraud

Updated : April 26, 2018 08:46 PM IST

Sources tell CNBC-TV18 that CBI has registered a case against former Aircel founder  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.

Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming non-performing asset, reports Uttkarsh Chaturvedi.

IDBI clarified that the bank had given a loan to Axcel Sunshine in February  2014 which became NPA in December 2015.

"The Bank has initiated recovery actions to recover dues from the borrower in August 2016," the bank said in a statement.

The CBI is examining certain documents relating to the loan given by IDBI Bank and spoke to the senior officers of the bank, who had handled the case, it reads.

According to bank, the officers are providing the requisite information and clarification to the investigating authorities.
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