This was done in consideration of a mandate of restructuring from Siva group to IFIN with a fee of Rs 12.5 crore. "Further, in the interim of this transaction, Ramesh Bawa (who was then CEO and MD of IFIN) also assisted a senior director in Fitch Ratings , Singapore, who appears to be involved in rating of ILFS in buying a duplex villa of Rs 4.25 crore at a discounted price of Rs 3.25 crore," as per the probe report.When contacted, a Fitch Ratings spokesperson said, "We are unable to comment on it. The group owed more than Rs 90,000 crore as of March 2018. In October, the government superseded the board of IL&FS and appointed a new board.In the chargesheet, the SFIO has accused 30 entities/individuals of various violations and offences, including of financial fraud. Some of the accused persons, including Bawa, are already in judicial custody.

Source: Economic Times June 11, 2019 14:37 UTC