The first loan of Rs 322.40 crore from IDBI was issued to Siva’s Finland-based company Win Wind Oy (WWO) in October, 2010, which became a non-performing asset three years later.
Undettered by WWO going into liquidation, IDBI Bank sanctioned another loan of Rs 523 crore to Siva Group company Axcel Sunshine Limited, based in British Virgin Islands, a tax haven, in February 2014.
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“This second loan was allegedly used for…