Siva allegedly took a loan of Rs 530 crore in February 2014.
According to the agency, then IDBI independent Directors P.S. Shenoy, S. Ravi and Ninad Karpe; Executive Directors Vinay Kumar and B. Rabindra Nath; and G.M. Yadwadkar, the then Executive Director and current DMD, have also been arraigned along with Subroto Gupta, the then Chief General Manager and now an Executive Director, and others. The agency was reportedly carrying out searches in over 50 locations in the cities of Delhi, Faridabad, Chennai, Mumbai, Gandhinagar, Bengaluru, Belgaum, Hyderabad, Pune and Jaipur, said PTI.
The loan has been fully provided for and it has initiated actions to recover dues from the borrower in August, 2016, IDBI Bank said in a statement.
The CBI on Thursday registered a case against former Aircel promoter C Sivasankaran's companies - British Virgin Islands-based M/s Axcel Sunshine Limited and Finland-based Win Wind Oy - for allegedly defaulting on loans worth Rs 600 crore taken from IDBI Bank.
"The CBI has, in this context, been examining certain documents relating to the loan given by IDBI Bank and has spoken to the senior officers who had handled the case". Both counties are considered tax havens.
According to the IE report, the CBI has registered a case against Axel Sunshine Limited for criminal conspiracy and corruption.
The companies also included in the FIR as accused British Virgin Islands-based Broadcourt Investments and Lotus Venture Investments, Mauritius-based Indian Telecom Holdings, Singapore-based Siva Palm Corp Ltd and India-based Siva Industries and Holdings Ltd, Win Wind Power, Planet Pickles, Sterling Agro Product and Processing Pvt Ltd and Siva Industries.
In October 2010, the bank had sanctioned ₹322 crore in loans to Win Wind Oy, which later applied for bankruptcy in Finland in October 2013.
Despite that, IDBI in 2014 sanctioned another loan of Rs 5.23 billion to Axcel Sunshine.