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Ex-CEO of IL&FS arrested in a fraud case by SFIO

The previous CEO and MD of IL&FS, Ramesh Bawa has been arrested by the Serious Fraud Investigation Office in the national capital on Friday. His arrest has come 2 days after he approached the Supreme Court for protection from apprehension which was rejected by the court. He has been arrested under Section 447 of the Companies Act for committing fraud. In September last year, he resigned without mentioning any reason.