CBI is carrying out searches at 10 locations—eight of them in Delhi and two in Mumbai—in this connection, they said. Kaul, who was the CMD of a Kolkata-based bank between 2010 and 2015, allegedly facilitated the accused company in obtaining the loan, they said. The loan was not utilized for the sanctioned purpose, the CBI alleged. In its complaint, now part of the CBI FIR, the bank alleged that two loans were issued to the company in 2010—Rs200 crore in March and Rs450 crore in October. The Rs200-crore loan was issued for repayment of high cost debt to Central Bank of India, Punjab National Bank and IFCI.

Source: Mint April 14, 2018 12:00 UTC