The Serious Fraud Investigation Office (SFIO), in its probe into IL&FS Financial Services (IFIN), has found that the company fraudulently sanctioned loans to IL&FS group entities to avoid declaring stressed assets, sources told FE.
In several instances, IFIN received the same loan amount within a few days as debt repayments from the same or other group entities, the sources said. The SFIO found instances of such circuitous transactions in case of group companies, including IL&FS Transport Networks (ITNL), IL&FS Energy Development (IEDCL), IL&FS Maritime Infrastructure and IL&FS Employee Welfare Trust.
In one such instance, the SFIO found that IFIN disbursed Rs 156 crore to Jharkhand Road Projects Implementation Company, a group company under the ITNL vertical, on September 26, 2015. Read More
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