Even as investigating agencies probe former top executives of IL&FS Group for alleged irregularities in the business affairs of the company, an internal investigation report of the group reveals an alleged nexus between one of them, Ramesh Bawa, former MD of IL&FS Financial Service (IFIN), and the Ansal Group.
Bawa is currently in jail after the Serious Fraud Investigation Office (SFIO) arrested him in April 2019 on the grounds of abusing his powers in IFIN through fraudulent conduct and in granting loans to entities which were not creditworthy, thereby causing wrongful loss to the company and its creditors.
The Ansal Group and its promoters are facing charges of fraud in several cases. UP Real Estate Regulatory Authority (Rera) has received around 800 complaints against the Ansal group in Lucknow and over 2,000 in Noida and the group is involved in alleged fraud amounting to at least `600 crore. Read More
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