IL&FS Financial Services ex-CEO had direct role in diverting Rs 17.5k cr

Mumbai: The Serious Fraud Investigation Office (SFIO) told a Mumbai court that Ramesh Bawa, the former CEO of IL&FS Financial Services (IFIN), played a direct role in diverting as much as Rs 17,500 crore from the company to make the accounts of certain borrowers and group companies look healthy.

A part of the money was also transferred to his personal account, said the SFIO, which is probing alleged irregularities at the IL&FS group of companies.