IDBI’s Rs 322.40 crore primary mortgage was already issued to Siva’s Finnish company Win Wind Oy (WWO) in October 2010, which turned into a non-performing asset 3 years later.
Without being discouraged by the liquidation of the WWO, the financial institution IDBI sanctioned any other mortgage of Rs 523 crore to the company Siva Workforce Axcel Sunshine Restricted, founded in the British Virgin Islands, a tax haven, in February 2014.
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“This 2d mortgage would have once been used to pay off various loans from different affiliates of this staff in clear violation of the RBI’s regulatory advice on overseas investment in India. This mortgage turned into a non-performing asset (NPA) in 2015, ”CBI spokesperson Abhishek Dayal said.
In a statement, the financial institution IDBI said Thursday that “the mortgage has been fully paid and that it has launched restoration movements to obtain the borrower’s contributions in August 2016”.
“In this context, CBI analyzed the positive documents regarding the mortgage granted through the financial institution IDBI and spoke to senior officials of the financial institution who had handled the case. Officials provide the necessary knowledge and explanation to the investigating government, ”financial institution IDBI said.
The Siva companies named in the FIR are from the British Virgin Islands founded – Broadcourt Investments and Lotus Challenge Investments, Indian Telecom Holdings based in Mauritius, Siva Palm Corp Ltd based in Singapore and founded in India – Siva Industries and Holdings Ltd, Win Wind Energy , Planet Pickles, Sterling Agro Product and Processing Pvt Ltd and Siva Industries.
On Thursday, the CBI raided 50 puts, as well as the apartments of former and senior officials of the financial institution IDBI.