India's Serious Fraud Investigation Office (SFIO) has arrested the former c...
FILE PHOTO: A bird flies next to the logo of IL&FS installed on the facade of a building at its headquarters in Mumbai, India, September 25, 2018. REUTERS/Francis Mascarenhas
Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for “abusing his powers in IL&FS Financial Services Ltd through his fraudulent conduct” and will be in SFIO’s custody until April 4, the official told Reuters on condition of anonymity. Sankaran granted loans to entities, which were not creditworthy or have been declared non-performing assets, causing wrongful loss to the company and its creditors, the official added.IL&FS Financial Services had borrowings of more than 170 billion rupees from debt instruments, bank loans and other investment firms, the official said.
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