Former vice-chairman of IL&FS held for fraud

In the first major action by the Serious Fraud Investigation Office in the IL&FS case in Mumbai, Hari Sankaran, former V-C and MD of the scandal-hit company was arrested Monday for allegedly conspiring to commit fraud by funding defaulting borrowers, & indiscriminate lending to borrowers classified as NPAs, to injure the interest of the company and creditors.

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