Rs 13K-cr 'sham' transactions were audited, given clean chit: Srei promoter

Concerted effort to financially kill group by using auditors to mis-categorise transactions: Srei promoter

The Rs 13,000-crore transactions tagged “fraudulent” by consultancy firm BDO India — the transaction auditor appointed by the administrator — were previously audited and given a “clean chit”, said Srei promoter Hemant Kanoria.

Kanoria’s comments came amid the recent disclosure by Srei Infrastructure Finance (SIFL) alongside its results that said the administrator had received audit reports indicating in Srei Equipment Finance (SEFL) there were transactions amounting to Rs 13,110 crore that were fraudulent under Section 66 of the Insolvency and Bankruptcy Code. They included transactions amounting to Rs 1,283 crore determined as “undervalued”.

In a statement shared with Business Standard,