The Serious Fraud Investigation Office (SFIO) on Monday arrested former IL&FS chairman Hari Sankaran in connection with the ongoing investigations into the financial affairs of the company and its group entities. He has been sent into SFIO custody till April 04.
Hari Sankaran has been arrested on the grounds of abusing his powers in IL&FS through his fraudulent conduct and in granting loans to entities which were not creditworthy or have been declared Non-Performing Assets and caused wrongful loss to the company and its creditors.
It may be worth noting that IL&FS had borrowings of more than 17,000 crores from debt instruments and bank loans. Read More