The Serious Fraud Investigation Office (SFIO) has uncovered grave irregularities across corporate governance and financial parameters that led to a default crisis at Infrastructure Leasing & Financial Services (IL&FS) and forced the government to supersede the company’s board to contain the fallout.
“SFIO has gathered enough evidence to show gross failure in corporate governance, several conflicts of interest and even undue personal enrichment of some key personnel who were running the show at IL&FS,” a source privy to the findings told FE. The agency is in the process of finalising its probe report, which will soon be submitted with the government.
“The agency has questioned about 40-50 key people who were running IL&FS,” said the source. Read More