Did IL&FS window-dress its accounts? SFIO to probe group companies

Besides risk management, the SFIO is also looking at the criminality angle in IL&FS' projects that have been completed and those that are under way

The Serious Fraud Investigation Office (SFIO) is probing the financials of the 169 group companies of debt-laden Infrastructure Leasing & Financial Services (IL&FS).

There was alleged falsification of books and window dressing of accounts, said a person privy to the investigation. 

The SFIO has found misrepresentation of facts by the group subsidiaries since 2013 and is examining the accounts of all these firms for the last five years. SFIO officials on Monday questioned IL&FS executives during their visit to the firm’s Mumbai office when they took possession of credentials, documents, and other records. 

Sources said the fraud office was also