SFIO finds irregularities at IL&FS, will submit report to govt soon: Report

The Serious Fraud Investigation Office (SFIO) has found irregularities across corporate governance and financial parameters that triggered defaults at Infrastructure Leasing & Financial Services (IL&FS). SFIO has gathered enough evidence to show gross failure in corporate governance, several conflicts of interest and even undue personal enrichment of some key personnel who were running the show at IL&FS, a source told the paper. The investigating agency has been questioning top executives of IL&FS as a part of finalising its probe report. The agency has questioned about 40-50 key people who were running IL&FS, the source told the paper. The report will soon be submitted with the government, who will take necessary and decisive action against the culprits, irrespective of their status, the report stated. The SFIO’s findings give credence to the government’s initial suspicion of financial wrongdoings and compromise in governance standards at IL&FS.

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