SFIO probe report lists lapses in 13 loans given by IL&FS to ABG group

Due process not followed, ABG group used the money to repay old credit

The Serious Fraud Investigation Office (SFIO) probe report on the IL&FS group has listed 13 loan accounts of the beleaguered ABG conglomerate, including a personal loan amounting to Rs 29 crore to Anupama Agarwal, promoter Rishi Agarwal's wife — all given at the behest of the top management of the infrastructure financier without following the due process. 

Some money taken on loan from IL&FS Financial Services (IFIN) was used to prevent ABG’s accounts from turning into non-performing assets.

The SFIO has termed the transactions an “evergreening exercise”. IFIN extended credit facilities to the ABG group, owned and controlled by Rishi