IL&FS probe: CBI registers a corruption case, pegs the loss caused to 19 banks at Rs.6524 crores

According to the CBI’s FIR, the complaint given by Canara Bank (largest lender) alleges that the accused entered into a criminal conspiracy to cheat 19 banks under multiple banking arrangements misappropriated the sanctioned credit facilities by cheating, diversion of funds , circular transactions between related/sister concerns, misrepresentation of books of income and expenditures thereby causing a loss of Rs 6524 crores.

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