Live
- Study Reveals Teabags Release Billions of Microplastics and Nanoplastics, Entering Your Body
- Kumbh Mela 2025: Essential Guide to Comfortable and Respectful Attire for Maha Kumbh
- Hyderabad Real Estate Faces Setback: Property Sales Drop 7% Year-on-Year in 2024
- Gnani’s Gen AI Solutions Revolutionising BFSI
- Trump's WHO threat sparks debate on the efficiency of global health governance
- ICC Champions Trophy 2025 Schedule: India vs Pakistan Match Set for February 23 in Dubai
- Champions Trophy 2025: Full Schedule, Match Dates, Venues, Timings, and Updates
- FRAI Urges Government to Provide Technology Platform for Kirana Stores to Stay Competitive
- Not just Gen Z, millennials too: Redditors discuss the wave of pet parenthood embraced by young Indians
- Innovation can expedite the journey to a Smoke-Free future- in focus at Technovation Abu Dhabi
Fitch probing favours to its staff by IL&FS
New Delhi: Investigation into the IL&FS fraud has found that a top executive allegedly helped a senior official of Fitch Ratings purchase a duplex villa at a discount when a circuitous transaction with a defaulter borrower was underway in 2012-13.
New Delhi: Investigation into the IL&FS fraud has found that a top executive allegedly helped a senior official of Fitch Ratings purchase a duplex villa at a discount when a circuitous transaction with a defaulter borrower was underway in 2012-13.
In a statement on Wednesday, a Fitch Group spokesperson said it is probing the matter. "Fitch was first made aware of these historical allegations on Monday (June 10, 2019) via the media. We are investigating but have no further information at this time," the spokesperson said.
The investigation by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors with the then top management of IFIN (IL&FS Financial Services Ltd) in defrauding the company.
IFIN and several other group companies have been found to have indulged in multiple circuitous transactions involving several illegalities, including fast disbursals to some borrowers despite their bad track record in servicing existing loans and also delayed recoveries.
As per the investigation report, which is part of the first chargesheet filed by the Serious Fraud Investigation Office (SFIO), IFIN and other entities from the IL&FS group continued to enjoy high ratings from various rating agencies, including due to window-dressing of the company's books.
