Hari Sankaran, former chairman and managing director of crisis-hit Infrastructure Leasing and Financial Services (IL&FS), has been arrested for alleged fraud, abuse of power and causing wrongful loss to the troubled infrastructure lender.
“The Serious Fraud Investigation Office on Monday arrested Hari Sankaran in connection with the ongoing investigations into the affairs of IL&FS and its group entities,” official sources said.
Sankaran has been remanded in custody till April 4, they said.
He is the first person to be arrested by the Serious Fraud Investigation Office (SFIO) in the IL&FS case.
