Former managing director and CEO of Infrastructure Leasing & Finance Services Ltd (IL&FS), Ramesh C Bawa, has been arrested in Delhi by the Serious Fraud Investigation Office (SFIO) today (13 April) for his alleged role in suspected irregularities which triggered a default crisis at the company, reports The Indian Express.
Bawa is the second person who has been picked up by the agency in the case; last week the former chairman and managing director of the company Hari Sankaran was taken into custody by SFIO officials for alleged misuse of his power to approve loans to firms which were not creditworthy.
The IL&FS Group has total liabilities of around Rs 94,000 crore, out of which Rs 17,000 crore were tied to debt instruments and bank loans. Investors in the said debt instruments include mutual funds, pension funds, gratuity funds, as well as public and private sector banks. Read More
Latest posts by swarajyamag.com (see all)
- By 2019 End Travel In Every Single Metro Rail In India Using Just One Smart Card - June 15, 2019
- Indian Railways’ Vande Bharat Express Continues Impeccable Punctuality Record, Beats Shatabdi, Rajdhani - June 15, 2019
- Bengaluru Metro’s Filmy Affair Turns Profitable; BMRCL Earned Rs 24.8 Lakh Since 2013-14 From Film, Ad Shooting - June 13, 2019