Bank Fraud: CBI books top bank CEOs in Rs 600-cr fraud

The Central Bureau of Investigation (CBI) has registered a case against the CEOs of the country’s two top banks, former Aircel promoter and telecom business icon C Sivasankaran, among others, for allegedly defaulting on a loan worth Rs 600 crore taken from IDBI Bank.

Sivasankaran is the main accused as chairman of Siva group of companies. CBI says the then-senior officials of IDBI Bank, and others, committed fraud through loan accounts of Axcel Sunshine Ltd and a Finland-based company WinWinD Oy.

CBI has filed a case against 39 entities, including 13 private people, 11 companies and 15 bank employees. Among them are former IDBI chief MD Kishor Kharat, who is the current MD and CEO of Indian Bank; and Syndicate Bank’s MD and CEO Melwyn Rego, then deputy MD of IDBI Bank.