Media is filled with advertisements of a newly floated organization, AIWO, inviting people for an international event at Fairmont, Mumbai. It’s named Longevity Summit India – 2026.
It says: “A platform where longevity science, luxury wellness and human potential converge to shape the future of living well.” It is presented by C. Sivasankaran, Founder, Aircel; Mentor, AIWO; Health Entrepreneur; and advocate for longevity, innovation and human potential.
He is an international fraud who has cheated banks, the Government and the people.
Aircel, of which he was the founder, declared insolvency, and banks lost Rs. 600 crores plus interest. The Hindu, April 27, 2018, reported: “IDBI Bank fraud case: CBI books Indian Bank and Syndicate Bank chiefs, Aircel founder.” This was for a fraud committed through loan accounts of Axcel Sunshine Ltd., which had its office in the British Virgin Islands, and a Finland-based Win Wind Oy.
Times of India reported (June 6, 2023): “No permission for Sivasankaran to travel abroad, rules Madras HC.” This was in connection with a Rs. 600 crore banking fraud involving Siva Group of Companies.
“Indisputably, the petitioner is facing charges of serious economic offences involving huge public money and money laundering, warranting investigation by various investigation agencies,” said the TOI.
The Hindu reported on June 6, 2023: “Economic offences are a modern threat to the development of the country: Madras High Court.” This was again related to the IDBI fraud, where Sivasankaran allegedly defrauded the bank to the tune of Rs. 600 crores.
Interestingly, he lives in Seychelles, Paris, etc., and he was involved in fraud and cheating cases in Canada and other countries.
Surprisingly, the Supreme Court, on June 3, 2022, ordered a one-time settlement to Siva Industries & Holdings Ltd. Against Rs. 5,000 crores due to an IDBI-led consortium, the settlement was just about Rs. 328.21 crores, involving about a 93.5% haircut. In fact, the Supreme Court went against Section 29A of the IBC, which states that an insolvent, a wilful defaulter, or a promoter/management of the corporate debtor would not be allowed to bid for the insolvent company.
There were appeals against this order by the Income Tax Department for its dues. Finally, the Supreme Court, on 24 Feb 2026, passed an order permitting the promoter (Vallal, father of Sivasankaran) to pay a token Rs. 5 crores first and the balance of about Rs. 323 crores within 180 days. The 180 days have not expired. (For full details of the case and the judgement, search AI Google – Final settlement of Siva Industries – IBC.)
Probably, Sivasankaran is mobilising some money through this fitness event, which is going to cheat doctors, nurses, physiotherapists, nutritionists and patients. The participation fee is very high, ranging from Rs. 1,77,000 to Rs. 3 lakhs.
From Sivasankaran’s past experience, this will be another fraud which will lead to public loss. It is surprising that the Economic Offences Wing, CBI, SEBI and the Department of Financial Services have not taken any steps so far. In the interest of the public, the Finance Minister and the Prime Minister should intervene immediately, stop this event, ensure that the money collected is refunded, and give a public warning. The others associated with this event also should be probed.
The banks which lost 94% of their money due to him should file criminal cases against Sivasankaran for cheating. SEBI should check whether AIWO is registered and monitor its activities. The matter should be shared with international agencies and banks to caution them, as India is a party to an international agreement.
Thomas Franco is the former General Secretary of the All India Bank Officers’ Confederation and a Steering Committee Member at the Global Labour University.
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