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Sfio Arrests Former Il&fs Fin Services Ceo Ramesh Bawa | Business Standard News

by business-standard.com posted 4months ago 14 views
Making its second arrest in the IL&FS case, the Serious Fraud Investigation Office (SFIO) Saturday arrested former IL&FS Financial Services chief Ramesh C Bawa, official sources said. They said Bawa, who had served as managing director and CEO, was arrested on the grounds of abusing his powers at the company through fraudulent conduct. He also granted loans to entities which were not creditworthy and caused wrongful loss to the company and its creditors, they added. Earlier this month, the probe agency arrested former IL&FS vice chairman Hari Sankaran.

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