IL&FS' former joint managing director, Arun K Saha, and its transportation network MD, K Ramchand, were further remanded in the custody of the Enforcement Directorate by the court under the Prevention of Money Laundering Act (PMLA) till June 28.
Apart from the assets of the two audit firms, the petition also seeks to freeze the assets of the individual auditors of the team who worked on the IFIN accounts — Udayan Sen, Kalpesh Mehta, and Sampath Ganesh. The petition also seeks to freeze the assets of IFIN’s chartered accountant, AP Shah & Associates.
RBI Governor said: “We are also giving a fresh look at their regulatory and supervisory framework. It is our endeavour to have an optimal level of regulation and supervision so that the NBFC sector is financially resilient and robust.”
Raising questions of propriety and conflict of interest, the internal probe report reveals that while IFIN extended questionable loans to Ansal Group companies, Bawa had financial links with Ansal Group companies through AAA Infosystem that was fully owned by Asha Kiran (his wife) and Akansha Bawa (his daughter).