The Serious Fraud Investigation Office (SFIO) has listed five group firms of crisis-hit Infrastructure Leasing & Financial Services (IL&FS) for responsible for fund diversion and mismanagement, reported
The Economic Times.
The five companies are - IL&FS Transportation Networks Ltd, IL&FS Financial Services, IL&FS Energy Development, IL&FS Tamil Nadu Power and IL&FS Engineering and Construction, which accounts for more than 50 percent of the revenues of the group, the report said. The SFIO found evidence that funds were diverted by these firms in projects worth Rs 30,000 crore, sources told the paper.
"It is clear that management of other subsidiaries of group were also in collusion with the group management,”
official sources told ET, adding that investigating agency is expected to submit a preliminary report by the October-end.
People familiar with the matter told the paper the investigators were also checking if there were any political payoffs in certain projects. “IL&FS chief Ravi Parthasarathy may be called for questioning soon,” sources told the paper.
