Charges of fake invoices, round-tripping: how IIFL books came under corporate affairs ministry’s lens
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Synopsis
India Infoline Finance Limited, part of the IIFL group, has been accused by a Noida-based realtor of serious misconduct and unfair trade practices involving an INR1,000 crore project. After examining the complaint, MCA has ordered an inspection of the books of the company. IIFL strongly denies any wrongdoing or any such inspection being ordered. What’s brewing?
A stalled real-estate project worth INR1,000 crore, two former allies constantly at each other’s throats, two realtors going belly-up, and books of a leading financial-services conglomerate put under the lens this plot has everything of a corporate hubbub.It all started around 2016-17 when realty firms – Baya Weaver Limited and Alisa Infratech Private Limited – kicked off an ambitious project to build a shopping mall, a 4-star hotel, and