SFIO probe nails coterie that brought IL&FS to its knees - Economic Times

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SFIO probe nails coterie that brought IL&FS to its knees (https://economictimes.indiatimes.com/industry/banking/finance/banking/top-management-auditors-and-independent-directors-sfio-identifies-coterie-that-defrauded-ilfs/articleshow/69621075.cms) Economic TimesNew Delhi: Launching a massive crackdown on perpetrators of the IL&FS scam, the Serious Fraud Investigation Office (SFIO) has charged the erstwhile top management members of the group's financial services subsidiary IFIN of forming a "coterie" with its auditors and independent directors to defraud the company while running the business as their "personal fiefdom". Officials also said it is just a tip of the iceberg in this massive fraud case, involving defaults totalling an estimated amount of over Rs 90,000 crore, as the SFIO's first chargesheet concerns just one entity, IL&FS Financial Se...

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