More trouble for SREI Group!
Last updated: 21 Dec, 2020 | 09:11 am
Recommended action: Exit your holdings
Lenders planning forensic audit
- Lenders of SREI Infrastructure Finance and SREI Equipment Finance are planning to conduct forensic audits on the companies, according to a report by Livemint.
- The audit is being considered by the lenders, after an agency for specialised monitoring (ASM) appointed for Srei’s loans raised some queries
- Earlier this week, a report by Sydney-based ScamsBreaking.com alleged that the Kanoria family (promoters of SREI Group) has siphoned off around ₹16,000 crore through transfer of funds to shell companies which finally made its way into a SREI account.
INDmoney had earlier advised users to exit their exposure to SREI Group and its subsidiaries on Nov 23rd, after SREI Infrastructure Finance announced that it had been undergoing a special audit by RBI. (Read full report). After that, we had advised users to exit their holdings following allegations by ScamsBreaking on Dec 16th.
We reiterate that you exit your holdings in this troubled entity.