The Central Bureau of Investigation (CBI) has lodged a case against IL&FS Transportation Networks Ltd. (ITNL) and its directors for allegedly cheating the Union Bank of India to the tune of Rs 20 crore.
A senior CBI officer said that the agency had received a written complaint in this regard from the Union Bank of India.
The bank alleged that IL&FS Transportation Networks Ltd. and its directors, namelyt Hari Shankaran, Arun Saha, late Ravi Parthsarathi, Mukund Sapre, and K. Ramchand, had entered into a criminal conspiracy and misappropriated the sanctioned credit facilities by cheating, diversion of funds, and unauthorised circular transactions.
The bank alleged that the accused cheated the bank to the tune of Rs 20 crore.
After receiving the complaint, the has lodged a case under Section 120-B read with Section 420 of the Indian Penal Code, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, against IL&FS Transportation Networks Ltd. and its directors.
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