Former vice-chairman of IL&FS held for fraud

In the first major action by the Serious Fraud Investigation Office in the IL&FS case in Mumbai, Hari Sankaran, former VC and MD of the scandal-hit company was arrested Monday for allegedly conspiring to commit fraud by funding defaulting borrowers, and indiscriminate lending to borrowers classified as NPAs, to injure the interest of the company and its creditors.

from Times of India https://ift.tt/2YH1Lpt