Transactions of debt-ridden Educomp Solutions come under SFIO scanner

Suspect transactions of debt-ridden Educomp Solutions have come under the lens of Serious Fraud Investigation Office (SFIO), which is probing the company for alleged fund-diversion and inflated land deals, people in the know of the development said. 

SFIO has identified at least two land transactions done by Educomp by allegedly using proxies at over-inflated prices, it is learnt.

Founded by Shantanu Prakash, Educomp filed for bankruptcy in 2017 after debt piled up to Rs 3,000 crore. 

Statutory auditor Haribhakti & Co had raised concerns about the company’s financials on several counts, finally giving an adverse opinion. In its report, the