The Central Bureau of Investigation (CBI) has formally recorded a First Information Report (FIR) against IL&FS Transportation Network Limited and its former directors, as per officials. The allegations put forth by the CBI state that the aforementioned individuals are responsible for causing a substantial loss exceeding Rs 6,524 crore to a consortium led by Canara Bank.

IL&FS Transportation Network Limited (ITNL), along with directors Karunakaran Ramchand, Deepak Das Gupta, Mukund Gajanan Sapre, and former Chief Financial Officer (CFO) Dilip Lalchand Bhatia, have been collectively charged with criminal conspiracy, cheating, and violations of the Prevention of Corruption Act through the FIR.

The accusations suggest that the accused parties engaged in a deliberate plot to deceive 19 banks involved in various banking arrangements, with Canara Bank serving as the principal lender in this case.

The loan account in question was initially classified as a non-performing asset (NPA) in 2018, and later, in 2021, it was categorized as a “fraud.”

Canara Bank’s complaint, which serves as the foundation for the FIR, asserts that the accused individuals misappropriated sanctioned credit facilities through deceitful practices such as fund diversion, circular transactions between related entities, and misrepresentation of financial records.

The CBI contends that the accused parties caused a significant wrongful loss of Rs 6,524 crore to the consortium while unlawfully enriching themselves in the process.

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