SFIO Arrests🔗 Former IL&FS Vice-Chairman👔 Hari Sankaran

  |   India News

The Serious Fraud Investigation Office (SFIO) on Monday arrested Hari Sankaran, former managing director and vice-chairman of Infrastructure Leasing and Financial Services, in connection with ongoing investigations into defaults at IL&FS and its subsidiaries last year. Sankaran was produced in a special court in Mumbai, which remanded him to custody till 4 April.

Sankaran abused his powers in granting loans to IL&FS subsidiaries, which were not credit-worthy or were declared as non-performing assets (NPAs), the SFIO said in a statement released after his arrest.

The IL&FS group companies owe nearly ₹17,000 crore to banks, mutual funds and insurance companies, among others.

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