ICAI and SFIO at loggerheads over non-cooperation in IL&FS probe

The government is setting up the NFRA to take up cases against auditors

The Institute of Chartered Accountants of India (ICAI) has written to PM Narendra Modi, saying the Serious Fraud Investigation Office (SFIO) was not co-operating with it in the probe of Infrastructure Leasing & Financial Services (IL&FS). It also alleged the SFIO did not give it information when chartered accountants were allegedly helping shell companies at the time of demonetisation.

The ICAI has started an inquiry into the role of auditors of IL&FS, but has got a cold response from the SFIO, which is also probing the case. When the body wrote to the SFIO, asking it to provide information on