Probe finds IFIN violated RBI rules, gave loans for favours
MUMBAI: IL&FS Financial Services Ltd (IFIN) gave out loans in exchange of favours and violated Reserve Bank of India (RBI) guidelines on lending to group companies among serious irregularities, a Serious Fraud Investigation Office (SFIO) charge sheet into alleged fraud at IFIN said.
Specifically, the 804-page charge sheet filed on Thursday said key management personnel at IFIN had a quid pro quo with C. Sivasankaran of Siva group of companies. Sivasankaran has been named co-accused along with 29 other entities and individuals under Section 447 of Companies Act and under provisions of Indian Penal Code for causing loss to the public.
