IL&FS firm gave loan to Pune businessman and funds to pay it back
Raising questions of round-tripping through a maze of firms, an influential Pune-based businessman received over Rs 52 crore from an IL&FS (Infrastructure Leasing & Financial Services Ltd.) group company which he then used to repay his initial loan to the very same IL&FS company.
That businessman is Sarang Kale and two of his companies figure in the chain of transactions red-flagged in the forensic audit conducted by Grant Thornton.
Records show that on January 7, 2017, IL&FS Transportation and Network Ltd (ITNL), an IL&FS Group Company, gave an unsecured loan of Rs 52 crore to Rajasthan Land Holdings Ltd, a company that had no revenue-generating business.
