SFIO Claim Defaults Over 90,000 Crore in IL&FS Scam
Highlights:
SFIO claim this probe has so far discovered a tip of the iceberg, that involves defaulting accounts of an estimated amount of over INR 90,000 crore.The SFIO’s first charge sheet involves 1 entity of IL&FS group that is IL&FS Financial Services Ltd (IFIN)The ‘coterie’ spotted by SFIO involves Ravi Parthsarthy, Hari Sankaran, Arun Saha, Ramesh Bawa, Vibhav Kapoor and K Ramchand, who were a part of top management in various IL&FS firms
The Serious Fraud Investigation Office (SFIO) probe led to an immense break on accused of the IL&FS fraud. SFIO indicted the top management of the IL&FS group’s subsidiary IFIN of forming a “coterie” with its Independent Directors and Auditors to participate in fraudulent of the company while operating the business as the...