IL&FS former MD and CEO, Ramesh Bawa arrested by Serious Fraud Investigation Office (SFIO). This is the second successful establishment made by Investigation Ministry of Corporate Affairs (MCA).
Earlier this month, the agency had arrested Hari Sankaran, the former vice chairman of IL&FS. He is currently lodged in Mumbai’s Byculla district jail.
According to a source, Bawa was arrested late last night in Delhi. This, after the Supreme Court (SC) recently refused to extend relief of granting him protection from arrest.
In a recent press conference, the incumbent government appointed IL&FS board had said that IFIN has a total exposure of Rs 18,800 crore, out of which Rs 10,700 crore is to external agencies while the remainder is with group companies.
In November, SFIO had placed an interim report detailing out the alleged irregularities surrounding IL&FS. It recommended that the assets of the key managerial individuals may be considered for restrainment under the provision of the Companies Act, 2013 by the central government.
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