SFIO to investigate L&T?

The Serious Fraud Investigation Office (SFIO) has received a complaint against Larsen & Toubro alleging “thousands of crores” of financial irregularities, including money laundering and tax evasion, a charge that the infrastructure giant rubbished as “baseless”.¬†

Acting on the complaint received, SFIO’s Mumbai regional office has written to the head-office here stating that it “is a fit case to be investigated” as it will “help in unearthing wrong doings of L&T group, in terms of misappropriation of money, money laundering and tax evasion”.

In the complaint, Rajya Sabha MP Kahkashan Perween has alleged that loans worth Rs 8,000 crore given to the Group for road projects face serious threat of turning into NPAs. It alleged irregularities in two projects – L&T Halol Shamlaji Tollway Ltd (L&T Halol) and L&T Chennai Tada Ltd.

Source: ET



One reply on “SFIO to investigate L&T?”

When Modi was in the Gujarat Govt, I observed that key all Guj Govt projects (among the ones I observed and were reported) would go to L&T, including new Secretariat, Sardar Patel Statue and so on. And later, after May 2014, Shivaji Statue went to them for Rs 2,500 crores.

Were they all clean?

I doubt that the lowest bidder (T1 / L1) for all projects will be L&T.

Of course I have full faith in the investigating agencies that nothing will come of it.

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