CBI books ex Aircel promoter C Sivasankaran's firms in Rs 600 crore loan fraud

The CBI has registered a case against former Aircel promoter 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, officials said today.

The case has been registered under sections relating to criminal conspiracy, cheating and corruption against British Virgin Islands based Axcel Sunshine Limited on allegations of perpetrating fraud through the loan accounts of Win Wind Oy, Finland and Axcel Sunshine Limited. 

CBI registers a case against former Aircel promoter C SivaSankaran & 3 companies - Axcel Sunshine Limited (British Virgin Islands), Win Wind Oy (Finland) and IDBI Bank - - officials for cheating the bank to the tune of Rs 600 cr.@dna

— Sumit Kumar Singh (@invincibleidea) April 26, 2018

CBI conducted searches at 50 places located across 10 cities including Delhi, Mumbai, Faridabad, Gandhi Nagar, Chennai, Bangalore, Belgaum, Hyderabad, Jaipur and Pune. 

Sivasankaran allegedly took a loan of Rs 530 crore in February 2014. This swelled to Rs 600 crore after becoming NPA. The searches are still in process. 

Sivasankaran was also a shareholder of Tata Docomo.