The Enforcement Directorate’s (ED’s) ongoing probe into IL&FS has revealed that several third-party vendors and companies were hand in glove with the former management in undertaking circuitous transactions, for which they profited in the form of additional interest income, sources told FE.
According to a senior official, “Five parties have already been questioned in the matter, more are being summoned.”
The ED office probe has revealed that external parties that moved funds for IL&FS Financial Services (IFIN) to IL&FS Transport Network (ITNL) or its subsidiaries, charged at least 1% commission in some cases, the official said.
