Directors of IL&FS Energy Development Company Charged with Defrauding Punjab National Bank of 100.03 Crores

Punjab National Bank: On Thursday, the CBI charged the directors of IL&Fs Energy Development Company Limited with defrauding the Punjab National Bank (PNB) of Rs. 100.03 crore.

IL&FS Energy Development Company and Directors Accused of Conspiracy

According to a senior CBI official, the Punjab National Bank (PNB) filed a complaint alleging that the IL&FS Energy Development Company Ltd. (IEDCL) and its directors, Hari Sankaran, late Ravi Parthasarathy, Ramesh Chander Bawa, Arun Kumar Saha, Sunil Kumar Wadhwa, and Anoop Seth, as well as other unidentified individuals, engaged in a criminal conspiracy and misappropriated the sanctioned credit facilities

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IL&FS Energy Development Company Accused of Unlawful Transfer of Funds

The accused caused unlawful loss to PNB of Rs 100.03 crore by transferring the sales money to linked sister concern entities. Following receipt of the complaint, the officer stated, "We filed a case against IL&FS Energy Development Company Ltd. and its directors under Sections 120-B read with 420 of the Indian Penal Code and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act."

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