IL&FS probe: Not just connivance, auditors also pitched products to top-brass

Auditors of debt-laden IL&FS not only connived with the top management in their fraudulent activities, but also sought to sell them certain products and services, according to findings of the SFIO probe that show large-scale violations in their auditing activities. The Serious Fraud Investigation Office (SFIO) probe into IL&FS group firm — IL&FS Financial Services Ltd (IFIN) — has revealed serious lapses at the level of auditors, auditing committee and the then top brass of the group. While the government has appointed a new board at IL&FS as part of…

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