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Grant Thornton audit unearths fraudulent practices at IL&FS' construction arm

Economic Times  

Grant Thornton Bharat's forensic investigation into IL&FS Engineering & Construction Company Ltd (IECCL) — the erstwhile Maytas Infrastructure Ltd — has revealed a wide range of activities bordering on fraud, manipulation and misappropriation. Grant Thornton Bharat's forensic audit report has alleged that executives at IECCL manipulated revenues, misrepresented facts in the financial statements, refused to write off assets that had gone bad, reversed interest claims recorded in the financial statements, manufactured claims to increase profits, manipulated fixed assets and ignored whistleblowers. The forensic investigation also alleged that investments were made from one subsidiary to another to avoid defaults.