When Truth Is Stranger than Fiction, Rumours Are Easily Believed
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On 14th December, a hitherto unknown website, called scamsbreaking .com, stirred up a social media storm with stunning allegations about the Kolkata-headquartered SREI group that has a large footprint in infrastructure and finance. The allegation that made people sit up was that Axis Bank (mainly) had lent a stunning Rs44,000 crore to the group without adequate due diligence.
The report made waves because the SREI group is already under scrutiny with the Reserve Bank of India (RBI) having ordered a special forensic audit of SREI Infrastructure Finance and its subsidiary SREI Equipment Finance on 22nd November.