New Delhi: The Central Bureau of Investigation has filed a loan fraud case against former promoter of Aircel C Sivasankaran, his son and companies along with heads of two public sector banks — MelwynRego of Syndicate Bank and KishorKharat of Indian Bank. The CBI also indicts former CMD of IDBI Bank M S Raghavan for allegedly cheating IDBI Bank of Rs 600 crore between 2010 and 2014.

The former Aircel promoter’s alleged involvement in a high-profile bank case marks a reversal of roles for Sivasankaran, chairman of Siva Group of Companies, as far as the CBI is concerned as the entrepreneur, popularly known as “Siva”, is the main complainant in the Aircel-Maxis case where former telecom minister DayanidhiMaran and his brother Kalanithi are named.

For the first time bosses of three different public sector banks, one of them retired, have been booked in a single corruption case. The action against Rego, Kharat and Raghavan, who all were with IDBI at the time of the alleged offence, is an extension of the sweep the agency has conducted by going after the brass of government banks who have been under fire for inefficiency and collusion with big debtors leading to a pile of non-performing assets (NPAs) and loss of lakhs of crore of taxpayers’ money.

The CBI says loans worth Rs 322 crore and Rs 523 crore were given to Siva’s two offshore companies – Axcel Sunshine Limited (British Virgin Islands) and Finland-based Win Wind Oy respectively, which turned NPAs. The loss mentioned though is Rs 600 crore.