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The Serious Fraud Investigation Office (SFIO) on Monday arrested former IL&FS Chairman Hari Sankaran in connection with the ongoing probe into the group.
“Sankaran has been arrested on the grounds of abusing his powers at IL&FS Financial Services Ltd through his fraudulent conduct and in granting loans to entities which were not creditworthy or have been declared Non-Performing Assets, and caused wrongful loss to the company and its creditors,” said an official statement.
He will be under SFIO custody till April 4.
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