New Delhi: In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies.
The report submitted by Grant Thornton last week to the new IL&FS board headed by Uday Kotak, its final forensic audit, unravelled several loan irregularities of the infrastructure giant. The audit report has come at a time when the investigating agencies, like the Serious Fraud Investigation Office (SFIO), are expected to finalise their reports. The Enforcement Directorate (ED) may now take the cognisance of the report for further action.
