CBI Registers Rs 212.34 Crore Canara Bank Fraud Case, Conducts Searches Across Mumbai, Delhi and Noida:

The Central Bureau of Investigation (CBI) has registered a case against IL&FS Energy Development Company Limited and its Managing Directors and Directors over an alleged bank fraud that caused a loss of Rs 212.34 crore to Canara Bank. The case was registered on a complaint filed by Canara Bank’s Circle Office in Bandra (East), Mumbai.

The case names Sunil Wadhwa, Anoop Seth, Hari Sankaran, Ramesh Chandra Bawa and Arun Kumar Saha, along with unidentified public servants and private individuals. The accused have been booked on allegations of criminal conspiracy, cheating and offences under the Prevention of Corruption Act.

According to the complaint, the company allegedly obtained a term loan of Rs 100 crore from the erstwhile Syndicate Bank, now merged with Canara Bank, through its Large Corporate Branch in Mumbai. It also allegedly secured USD 50 million from the bank’s London branch.

The CBI alleges that the loan funds were not used for the purposes for which they had been sanctioned. Instead, the money was allegedly diverted through associate companies, resulting in a loss to the bank.

Following the registration of the case on October 21, 2026, the CBI conducted searches at several locations linked to the company’s Managing Directors and Directors in Mumbai, Delhi, Noida and other places.

During the searches, investigators recovered and seized bank documents, deposit slips, mutual fund portfolio records, details of bank accounts and properties linked to the directors, and company ledger records. These documents are expected to help investigators trace the movement and use of the loan funds.

The investigation is ongoing. The CBI is examining the alleged conspiracy, the roles of the individuals involved, including public servants and private persons, and the final use of the loan money.