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Probe reveals IL&FS Financial Services laundered Rs. 5,000 cr of shareholder funds

A court in Mumbai on Thursday was informed by the Enforcement Directorate that the IL&FS Financial Services, a subsidiary of IL&FS Group, has allegedly laundered over Rs. 5,000 crores of shareholder funds. In its remand letter to the special court, the ED said that the group was being managed as a personal fiefdom by the directors, which got involved in improving the turnover for better credit rating for group firm.