IL&FS crisis: SFIO may probe irregularities in inter-corporate deposits

IL&FS has in aggregate Rs 38.5 billion of unsecured loans, with commercial paper accounting for the biggest chunk at Rs 20 billion

The Serious Fraud Investigation Office (SFIO) is likely to probe irregularities in inter-corporate deposits (ICDs) related to Infrastructure Leasing & Financial Services (IL&FS).
 
IL&FS has defaulted on interest and principal on inter-corporate deposits (ICDs) of Rs 1.72 billion, which became due recently. For the first time, the company defaulted on ICDs in June. It also defaulted on Rs 10 billion raised from SIDBI in the ICD market.
 
The company has ICDs of Rs 14 billion. ICDs are part of unsecured borrowings from other corporate entities.
 
IL&FS has in aggregate Rs 38.5 billion of unsecured loans, with commercial