Idbi bank fraud cbi books two bank chiefs ex aircel promoter sivasankaran

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IDBI Bank fraud: CBI books two bank chiefs, ex-Aircel promoter Sivasankaran Cases against Syndicate Bank, Indian Bank MDs, 13 senior IDBI Bank executives

The Central Bureau of Investigation (CBI) on Thursday registered a case against former Aircel promoter C Sivasankaran and his company’s executives in an alleged Rs 6-billion bank fraud case. The agency also booked 15 senior executives, current and former, of IDBI Bank. The list of bankers booked includes Kishor Kharat, managing director (MD) and chief executive officer (CEO) of Indian Bank, and Melwyn Rego, MD and CEO of Syndicate Bank. Kharat was MD and CEO of IDBI Bank between August 2015 and March 2017. Rego, who also served as the chief of Bank of India before heading Syndicate Bank, had served as deputy MD of IDBI Bank till August 2015. Both Kharat and Rego were shuffled to other banks by the government in AprilMay 2017 for failing to do enough for the improvement of their organisations. The move at that time was unprecedented. Other executives booked include the former CMD of IDBI Bank, M S Raghavan, and the bank’s former deputy MD B K Batra. IDBI Bank in a statement said it had given a loan to Axcel Sunshine in February 2014, and it became a non-performing asset (NPA) in December 2015.


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