SFIO moves tribunal against IFCI, 91 others over Rs.7k-cr loan fraud
New Delhi, March 29 -- The Serious Fraud Investigation Office (SFIO) has, in a plea filed before the National Company Law Tribunal (NCLT) sought stringent action against former officials of the state-owned Industrial Finance Corporation of India (IFCI) and 91 others over a fraud of almost Rs.7,000 crore.
The companies named include those engaged in businesses such as IT services, real estate, steel, auto components and hospitality and SFIO claims it found a systematic pattern of fraudulent sanction, appraisal and disbursement of loans. The companies, according to the agency, which comes under the ministry of corporate affairs, were financially distressed, ineligible or wilful defaulters .
Among those named are three former CEOs of IFCI, Atu...
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