CBI Case Against IL&FS Subsidiary For Allegedly Defrauding 19 Banks

CBI has filed a case against IL&FS Transportation Network Ltd and its directors for allegedly defrauding 19 banks between 2016 and 2018.

Punjab National Bank, Canara Bank, Bank of India, State Bank of India, Axis Bank, and Yes Bank are among the banks that the company allegedly cheated.

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A subsidiary of IL&FS Ltd, which filed for bankruptcy in 2018, is IL&FS Transportation Network.

“ITL has misappropriated public money worth more than 6,524 crore, cheating all lenders in the process. According to Canara Bank’s complaint to the Central Bureau of Investigation (CBI), the accused are white colour criminals who know the intricacies of the law and can save themselves from the clutches of the law.

According to the first information report (FIR), IL&FS Transportation Network Ltd (ITNL) and its directors committed fraud after the National Company Law Tribunal appointed a new board of directors.

According to the FIR, Grant Thorton conducted the forensic audit on IL&FS and its 348 group companies.

According to the FIR, there are potential inconsistencies in reporting provisions for expenses, which may have a direct impact on profits. Additionally, ITNL’s income was allegedly overstated, resulting in an incorrect financial statement.

According to the FIR, ITNL transferred substantial funds without accounting or entering the records into the company’s software. Circular transactions between ITNL and other group companies were facilitated by commercial papers.

It was also discovered that fake quotes were obtained from sub-contractors, and fake expenses were recorded for the purchase of 459 tonnes of steel from a vendor registered as a trader of tyres.

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