Serious Fraud Investigation Office(SFIO) has charged the erstwhile top management members of the ILFS of forming a coterie with its auditors and independent directors to defraud the company while running the ILFS as their personal business. Coterie means a small group of people with shared interests or tastes, especially one that is exclusive of other… Continue reading SFIO identifies ‘coterie’ that defrauded IL&FS
Tag: SFIO
IL&FS ignored risk assessment reports while extending loans: audit
A forensic audit report of IL&FS by Grant Thornton has found serious lapses in the manner in which huge loans were extended to certain entities even after internal risk assessment clearly showed that the borrowers were under financial stress. Further,Serious Fraud Investigation Office(SFIO) in its interim report has alleged that the non-banking finance company IL&FS… Continue reading IL&FS ignored risk assessment reports while extending loans: audit
