{"id":277429,"date":"2019-06-04T06:02:45","date_gmt":"2019-06-04T06:02:45","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=277429"},"modified":"2019-06-04T06:11:16","modified_gmt":"2019-06-04T06:11:16","slug":"ifin-had-no-checks-and-balances-suggest-fraud-probe-office-charges","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ifin-had-no-checks-and-balances-suggest-fraud-probe-office-charges\/","title":{"rendered":"IFIN had no checks and balances, suggest fraud probe office charges"},"content":{"rendered":"<p>MUMBAI: The Serious Fraud Investigation Office (SFIO) charge-sheet against IL&amp;FS Financial Services Ltd (IFIN) has observed shortcomings in operating management, risk management, compliance and auditing for years, an SFIO official said. <\/p>\n<p>One serious charge is that of loan ever-greening, which allegedly contributed to the Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) loan default of nearly \u20b91 trillion. Existing loans were renewed, or ever-greened, by giving a new loan to repay the old loan \u201cresulting in delayed recognition of non-performing assets (NPAs)&#8221;. SFIO has alleged that the IFIN management and the audit committee colluded on delaying recognition of stressed accounts. Mint has seen a copy of the charge-sheet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI: The Serious Fraud Investigation Office (SFIO) charge-sheet against IL&amp;FS Financial Services Ltd (IFIN) has observed shortcomings in operating management, risk management, compliance and auditing for years, an SFIO official said. One serious charge is that of loan ever-greening, which allegedly contributed to the Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) loan default of nearly \u20b91 trillion. Existing loans were renewed, or ever-greened, by giving a new loan to repay the old loan \u201cresulting in delayed recognition of non-performing assets (NPAs)&#8221;. SFIO has alleged that the IFIN management and the audit committee colluded on delaying recognition of stressed accounts. Mint [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,189],"tags":[],"class_list":["post-277429","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-roads-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/277429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=277429"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/277429\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=277429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=277429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=277429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}