MUMBAI: A forensic report looking into the alleged irregularities into the affairs of IL&FS Transportation Networks India Limited (ITNL) has found money laundering of over Rs 6,500 crore by the accused erstwhile management of its parent, Infrastructure Leasing & Financial Services (IL&FS). Identifying its former chairman Ravi Parthasarathy as the ‘prime mover’, the report also indicates that in at least 14 special purpose vehicles (SPVs) entered into by ITNL, there were deliberate cost overruns using a maze of shell and dummy companies to make them eventually untenable, sources in the know told ET.
These sources also added that the probe agencies are likely to make recommendations to the National Highways Authority of India (NHAI) to have more effective mechanisms in place to track the progress of a project and ensure more accountability from the firms engaged in road projects.
