CBI books former Aircel promoter’s firms in Rs 6 billion bank fraud

The CBI on Thursday reportedly filed a case against former Aircel promoter C Sivasankaran’s companies including Axcel Sunshine Ltd for allegedly defaulting on loans worth Rs 600 crore from IDBI bank. Sivasankaran received a loan of Rs 530 crore in February 2014, and the amount swelled to Rs 600 crore as it became a non-performing asset. The agency officials reportedly raided 50 locations, including the residences of former senior officials of the bank, across cities including Delhi, Mumbai and Chennai.