IL&FS fraud: Raids in Mum, Delhi, U’khand

Mumbai: The CBI raided several premises in New Delhi, Dehradun (Uttarakhand) and Mumbai after registering two separate cases in the Rs 120-crore bank fraud involving two subsidiary companies of Mumbai-based Infrastructure Leasing & Financial Services Ltd (IL&FS). The CBI’s Bhopal unit has regsitered two cases against IL&FS Energy Development Company, IL&FS Transportation Network and the companies’ senior executives.

Earlier this month, the CBI had registered a Rs 6,524-crore loan fraud case against IL&FS Transportation Network Ltd. It is alleged that IL&FS Group started defaulting on payment to its creditors and that its top management had given dubious loans to many companies who defaulted on payment which caused losses to the group.