CHENNAI (IANS) — The Economic Offences Wing of the Chennai Police said June 11 that it has arrested Ravi Parthasarathy, the former Chairman of IL&FS Group, in the Rs. 1
The economic offences wing (EOW) of Chennai Police on Friday arrested Ravi Parthasarathy, former chief of crisis-hit Infrastructure Leasing & Financial Services (IL&FS) in the Rs200 crore cheating and criminal breach of trust case filed by 63 moon technologies ltd.
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Grant Thornton India LLP (GT), which was appointed to conduct a forensic audit of IL&FS Engineering and Construction Co Ltd (IECCL), a unit of Infrastructure Leasing & Financial Services (IL&FS), shows lack of system and record to handle complaints raised by whistle-blowers. The forensic auditor identified numerous email communications that highlighted whistleblower complaints with regards to the business operations of IECCL.
GT says, during its review, it had identified multiple whistleblower complaints, which highlighted anomalies in the projects executed by IECCL.
However, based on the clarification dated 22 November 2019, we were informed by the representatives of IECCL that there were no whistleblower complaints received by IECCL during the review period. Thus, it appears unusual that even after multiple whistleblower complaints highlighting various issues in the projects, no documentation such as actions taken or investigation reports are available with the
Forensic Auditor Grant Thornton Charges the New IL&FS Management with Denying Vital Information
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On 6 May 2021, Grant Thornton’s Project Icarus submitted the forensic audit of IL&FS Engineering and Construction Company Limited (IECCL), exposing more scandals and internal collusion to cover up wrongdoing and losses, going back almost a decade to 2011-12.
But the report also has thrown a bombshell. Despite a new government-appointed board of directors comprising a bunch of senior retired bureaucrats being in charge for nearly three years, it says, crucial data pertaining to the company and its business has not been shared with the forensic auditor Grant Thornton (GT).
Former top executives of ITNL arrested
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In complaint, Chennai firm alleges that it lost ₹200 cr. in debentures
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In complaint, Chennai firm alleges that it lost ₹200 cr. in debentures
Former top executives of IL&FS Transportation Networks India Ltd (ITNL), Mumbai, were recently arrested by the Economic Offences Wing of the police on charges of cheating a Chennai-based private company.
According to sources, Ramchand Karunakaran, former managing director, and Hari Sankaran, former vice-chairman and director of ITNL, were arrested in Mumbai on January 27.
They were produced before the Special Court for cases under the Tamil Nadu Protection of Interest of Depositors Act and remanded in the Saidapet sub-jail.