Ex-CEO of IL&FS arm helped Fitch official buy villa, says probe report

As per the investigation report, IFIN and other entities from the IL&FS group continued to enjoy high ratings from various rating agencies, including due to window-dressing of the company's books

Investigation into the IL&FS fraud has found that a top executive allegedly helped a senior official of Fitch Ratings purchase a duplex villa at a discount when a circuitous transaction with a defaulter borrower was underway in 2012-13.

In a statement on Wednesday, a Fitch Group spokesperson said it is probing the matter.

"Fitch was first made aware of these historical allegations on Monday (June 10, 2019) via the media. We are investigating but have no further information at this time," the spokesperson said.

The investigation by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors