Deloitte was aware of loan evergreening in IL&FS Financial Services: SFIO

SFIO report questions the inaction of the auditor, holds up emails showing knowledge of evergreening of cases; former Deloitte CEO rubbishes claims

The Serious Fraud Investigation Office (SFIO) has come down hard on Deloitte for not taking action despite being aware of the evergreening of loans by IL&FS Financial Services (IFIN). Deloitte was the auditor for IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS) that is involved in Rs 90,000-crore default to banks, mutual funds, and other investors. 

SFIO’s investigating team found a document on IL&FS’ email server, prepared by a Deloitte team. The email, dated May 9, 2018, had two excel sheets on non-group evergreening cases, and group company evergreening cases.

“It is clear that Deloitte’s team was aware