The CBI has filed a case towards IL&FS Transportation Community Ltd and its administrators for allegedly defrauding 19 banks of Rs 6,524 crore between 2016 and 2018.
Canara Financial institution, which is the complainant on this case acknowledged to the Central Bureau of Investigation (CBI), “Public cash of greater than Rs 6,524 crore has been misappropriated by ITL and thereby cheated all of the lenders. The accused individuals are white color criminals and really properly know the intricacies of the legislation and know to avoid wasting themselves from the clutches of the legislation.”
The fraud by IL&FS Transportation Community Ltd (ITNL) and its administrators got here to mild after the Nationwide Firm Legislation Tribunal in 2018 appointed a brand new board of administrators that took over the guardian agency IL&FS, the primary data report (FIR) stated.
“The accused misappropriated the sanctioned credit score amenities by dishonest, diversion of funds, round transactions between associated/sister issues, misrepresentation of books of revenue and expenditures and many others. thereby prompted wrongful lack of whole Rs. 6,524 Crores (as on 31.10.2021) to the lending banks and corresponding wrongful acquire to themselves,” the grievance learn.