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SFIO raises questions over Rs 400-crore IL&FS loan to staff trust, says report

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The Serious Fraud Investigation Office (SFIO) has raised questions over Rs 400 crore loans extended by Infrastructure Leasing & Financial Services (IL&FS) to the employee trust, reported The Economic Times.

SFIO raises questions over Rs 400-crore IL&FS loan to staff trust, says report
The Serious Fraud Investigation Office (SFIO) has raised questions over Rs 400 crore loans extended by Infrastructure Leasing & Financial Services (IL&FS) to the employee trust, reported The Economic Times.
SFIO said that IL&FS disbursed these loans knowing very well that they would not be repaid, the report said citing a senior official.
The SFIO in its interim report to the corporate affairs ministry also said that the unregistered entity, IL&FS Employee Welfare Trust (EWT), was dominated by former senior directors of the company, according to The ET.
The officials named in the report includes, former chairman Ravi Parthasarathy, former MD Hari Sankaran, former CEO Arun Kumar Saha, former CIO Vibhav Kapoor and RC Bawa, former MD of IL&FS Financial Services who also served as members of committees of directors in various IL&FS subsidiaries.
 
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