CBI files FIR against IL&FS Energy directors in ₹212 crore fraud case

The Central Bureau of Investigation (CBI) has registered a case against IL&FS Energy Development Company Limited and its managing directors and directors for an alleged ₹212.34 crore fraud involving Canara Bank.

The investigation follows a complaint from Canara Bank’s Bandra East circle office. The accused include directors Sunil Wadhwa, Anup Seth, Hari Shankaran, Ramesh Chandra Bawa, and Arun Kumar Saha, along with unidentified government employees and private individuals. The CBI alleges that the accused entered into a criminal conspiracy to secure a ₹100 crore term loan from the then-Syndicate Bank’s Mumbai LCB branch and a $50 million loan from its London branch.

According to investigators, the company diverted the funds through associate companies instead of using them for the purposes for which the loans were sanctioned. Following the registration of the case on October 21, 2026, the CBI conducted raids in Mumbai, Delhi, and Noida. During these searches, officials seized various documents, including bank records, deposit slips, mutual fund papers, company ledgers, and details regarding the directors' bank accounts and assets.