 "Probe, Fraud, Investigation")
Transactions of Rs 13,110 crore that were allegedly fraudulent have been flagged in Srei Equipment Finance (SEFL), currently undergoing corporate insolvency resolution, by the transaction auditor, BDO India, appointed by the administrator of the company.
While announcing its results for the quarter ended September 30 this year, Srei Infrastructure Finance (SIFL) said the administrator received from BDO audit reports indicating in SEFL there were transactions amounting to Rs 13,110 crore that were “fraudulent” under Section 66 of the Insolvency and Bankruptcy Code (IBC).
It included transactions of Rs 1,283 crore determined to be “undervalued”.
Accordingly, the administrator filed applications under Section 60(5) and
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