MUMBAI: Hari Sankaran, the former vice chairman of Infrastructure Leasing & Financial Services who was arrested on Monday, was allegedly instrumental in getting a Rs 175-crore loan sanctioned to a company owned by person with whom he had a “close relationship,” the Serious Fraud Investigation Office said in its court application seeking his custodial remand.
The remand filing also listed other misdemeanours by former IL&FS board members that amounted to misuse of public money, including funding borrowers to prevent their loans from turning bad, getting personal favours in exchange for sanctioning loans and enriching themselves with hefty salaries and perks.
