New Delhi: The long-running fraudulent activities at crisis-ridden IL&FS could have come to light much earlier in 2017, but for a cover-up job done by the top management in connivance with the independent directors on a whistleblower complaint, an SFIO investigation has revealed.
The detailed probe by the Serious Fraud Investigation Office (SFIO) into the affairs of IL&S Financial Services Ltd (IFIN) has revealed a plethora of lapses, violations, ever-greening of loans, deliberate delay in recoveries and even a whistleblower complaint brushed aside by the then management in 2017.
As a multi-pronged strategy continues for revival of the ailing group and to bring to book the perpetrators of the fraud, the earlier audit committee of IFIN has been found at fault on multiple occasions.
