INSUBCONTINENT EXCLUSIVE:
The government took control of the debt-laden ILFS last week.The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of
Infrastructure Leasing Financial Services (ILFS) that may have been involved in fund diversion and mismanagement, the Economic Times
The government took control of the debt-laden ILFS last week after defaults on a string of debt obligations triggered wider concerns about
risks in the country's financial sector.The five companies under SFIO probe are ILFS Transportation Networks Ltd, ILFS Financial Services
Ltd, ILFS Energy Development, ILFS Tamil Nadu Power and ILFS Engineering and Construction Company, the paper said.The five firms constitute
for more than 50 per cent of the entire group's revenue and may have diverted funds in projects that were worth Rs 30,000 crore ($4.04
billion), ET reported, citing two government officials.The Institute of Chartered Accountants of India (ICAI) has also begun probing the
matter and issued notices to statutory auditors seeking an explanation, it said.ILFS Group, SFIO and ICAI did not immediately respond to
