NEW DELHI: Among those named by CBI in its FIR registered against former Aircel promoter C Sivasankaran and his companies in the IDBI Bank Rs 600 crore loan fraud include the chairman of Bombay Stock Exchange, S Ravi, and former CMD of Bank of Baroda, P S Shenoy.Ravi, according to his biodata on BSE website, is an independent director and chairman of audit committee of IDBI Bank, which is at the centre of controversy for issuing two loans to C Sivasankaran by flouting rules and regulations.
Shenoy was an independent director in IDBI Bank, when the alleged irregularities took place.The two top officials are accused of corruption, cheating and criminal conspiracy along with MDs and CEOs of three banks: Melwyn Rego of Syndicate Bank and Kishor Kharat of Indian Bank and M S Raghavan, former CMD of IDBI Bank.S Ravi told TOI, I am yet to see the FIR, so I cannot comment on it.
When asked if he has been contacted by CBI, Ravi replied in the negative.
CBI sources said that they will soon question S Ravi, Shenoy, Rego, Kharat and Raghavan.The central anti-corruption agency on Friday conducted raids at the residences of at least six officials, who had been associated with IDBI Bank.
These include, Amita Narayan (ex-CGM of the credit committee of the bank), R K Bansal (then member of the credit committee), S K Srinivasan (then executive director), R S Vidyasagar (regional head of IDBI); Bharat Pal Singh (then deputy managing director) and Medha Joshi (the head of the risk unit).The agency has alleged that loans worth Rs 322 crore and Rs 523 crore respectively were given to Sivas two offshore companies, Axcel Sunshine (British Virgin Islands) and Finland-based Win Wind Oy respectively, which turned into non-performing assets (NPAs).
The loss incurred by the bank in these two loans was Rs 600 crore.CBI spokesperson Abhishek Dayal had said on Thursday that the loans were granted to (Sivasankarans) companies by IDBI Bank at its highest decision-making level, comprising seniormost management and even independent directors, disregarding the existing guidelines, instructions and procedures.He added that various conditions were also relaxed or ignored, while granting loan to Sivasankarans companies, which led to an alleged loss of approximately Rs 600 crore to IDBI Bank and the exchequer.