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CBI books ex-Aircel promoter, his firms in Rs 600 cr bank fraud (Second Lead)
New Delhi, April 26 (IANS) The CBI has registered a case against former Aircel promoter C. Sivasankaran, his companies Axcel Sunshine Ltd and Finland-based WinWinD Oy for defaulting a loan of Rs 600 crore sanctioned by IDBI bank, an official said on Thursday.
The agency on Thursday also carried out searches at 50 locations across Delhi, Mumbai, Faridabad, Gandhinagar, Chennai, Bengaluru, Belgaum, Hyderabad, Jaipur and Pune including at residences of former senior IDBI bank officials.
The CBI filed an FIR on charges of criminal conspiracy, cheating and corruption against British Virgin Islands-based Axcel Sunshine Ltd on allegations of perpetrating fraud through the loan accounts of WinWinD Oy and Axcel Sunshine Ltd.
Apart from Sivasankaran and his two firms, 12 other individuals (director and chairman of private firms) including two foreigners, nine companies and 15 top (then and current) IDBI bank officials are named in the Central Bureau of Investigation (CBI) FIR which was based on Central Vigilance Commission’s reference.
Sivasankaran allegedly took a loan of Rs 523 crore through his companies in February 2014. This swelled to Rs 600 crore after becoming a non-performing asset, said the official.
It was Sivasankaran who earlier said then Telecom Minister Dayanidhi Maran had pressurised him to sell his stakes in Aircel to Malaysian firm Maxis in 2006, on the basis of which CBI had filed a chargesheet.
“It was alleged that Finland-based firm WinWinD Oy was sanctioned loan by ICG (Institutional Client Group), Chennai, IDBI in October 2010 to the extent of USD equivalent of EUR 52 million (around Rs 322.40 crore),” the CBI official said.
According to the official, performance of WinWinD Oy showed stress and it was eventually granted voluntary bankruptcy by a court in Finland in October 2013.
“It was further alleged that in February/March 2014 a loan amounting to $83 million (Rs 523 crore) was sanctioned by IDBI to Axcel Sunshine. This was allegedly used for repaying other loans of other associate companies of this group in flagrant violation of the regulatory guidelines of Reserve Bank of India on foreign investments in India,” said the official.
It was also alleged was that the loans were granted by the IDBI at its highest decision making level, disregarding the existing guidelines, procedures and various conditions were relaxed or all together ignored, the CBI said.
“This is a case of fraud on the bank by the then executives of the bank, then promoters of the group and companies involved to derive wrongful gain and to cause loss to the bank to the tune of Rs 600 crore,” CBI said.
On its part, the bank in a regulatory filing to the BSE said “it is clarified that IDBI Bank had given a loan to Axcel Sunshine Ltd in February 2014, which became NPA in December 2015”.
“The loan has been fully provided for. The bank has initiated recovery actions to recover dues from the borrower in August 2016.”
It said that CBI has been examining “certain documents relating to the loan and has spoken to the senior officers of the Bank, who had handled the case”.
“The officers are providing the requisite information and clarification to the investigating authorities,” the filing said.
The accused IDBI bank officials are then Chief Managing Director) M.S. Raghavan, then Deputy Managing Director B.K. Batra, then IDBI DMD and serving CEO of Indian Bank Melwyn Rego, then Executive Director and current DMD of IDBI bank G.M. Yadwadkar and then independent Directors P.S. Shenoy, S. Ravi and Ninad Karpe.
General Managers K. Bizu George and Venkata Krishnan along with then Regional Manager and current Deputy General Manager Manoj Alex, then Chief General Manager and serving ED Subrato Gupta, then ED Vinay Kumar, then DGM and serving General Manager G. Suneel Babu, then ED B. Rabindra Nath, then CMD and current MD and CEO of Indian Bank Kishore Kharat are also named in the FIR.
Besides Sunshine and WinWinD Oy, the accused firms are British Virgin Islands-based BroadCourt Investment and Lotus Venture Investments, Mauritius-based Indian Telecom Holdings Ltd, Singapore-based Siva Palm Corp Ltd, Chennai-based Sterling Agro Product and Processing Pvt Ltd, Bengaluru-based Planet Pickles Pvt Ltd, Siva Industries and Tiruvallur-based WinWind Power Energy Ltd.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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