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IL&FS former chairman & MD Hari Sankaran arrested for fraud

Ex-Chairman & MD Hari Sankaran arrested for alleged abuse of power in the company by his fraudulent conduct & granting loans to entities which were not creditworthy or have been declared non-performing assets, by the Serious Fraud Investigation Office. He will be kept under custody till Tuesday. The lenders piled up heavy debts to be paid in the short term & revenues from its assets skewed to the long term.