{"id":279162,"date":"2019-06-20T06:15:57","date_gmt":"2019-06-20T06:15:57","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=279162"},"modified":"2019-06-20T06:15:57","modified_gmt":"2019-06-20T06:15:57","slug":"ilfs-scam-ifins-profits-turn-into-losses-after-sfios-recast","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ilfs-scam-ifins-profits-turn-into-losses-after-sfios-recast\/","title":{"rendered":"IL&amp;FS scam: IFIN\u2019s profits turn into losses after SFIO\u2019s recast"},"content":{"rendered":"<p>The Serious Fraud Investigation Office\u2019s (SFIO) probe into the affairs of IL&amp;FS shows that its financial arm, IL&amp;FS Financial Services (IFIN) incurred losses for at least five financial years from FY14 to FY18.<\/p>\n<p>However, the company avoided provisioning for stressed assets by advancing loans to defaulting borrowers via related parties to pay-off existing dues, which resulted in spruced-up financial statements for the mentioned period. The probe also found that IFIN\u2019s financials concealed the fact that the interest on the repaid loans were paid through new, fraudulently approved loans.<\/p>\n<p>As is known, the ministry of corporate affairs (MCA) has filed a criminal complaint in a Mumbai court based on the SFIO report against 30 parties, which includes former CEO and managing director Ramesh Bawa, and former vice-president Hari Sankaran, in the IFIN fraud case. Bawa and Sankaran have been in judicial custody since April.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Serious Fraud Investigation Office\u2019s (SFIO) probe into the affairs of IL&amp;FS shows that its financial arm, IL&amp;FS Financial Services (IFIN) incurred losses for at least five financial years from FY14 to FY18. However, the company avoided provisioning for stressed assets by advancing loans to defaulting borrowers via related parties to pay-off existing dues, which resulted in spruced-up financial statements for the mentioned period. The probe also found that IFIN\u2019s financials concealed the fact that the interest on the repaid loans were paid through new, fraudulently approved loans. As is known, the ministry of corporate affairs (MCA) has filed a [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,197,138],"tags":[],"class_list":["post-279162","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-roads-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279162","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\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=279162"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/279162\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=279162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=279162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=279162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}