Forensic Auditor Grant Thornton Charges the New IL&FS Management with Denying Vital Information
On 6 May 2021, Grant Thornton’s Project Icarus submitted the forensic audit of IL&FS Engineering and Construction Company Limited (IECCL), exposing more scandals and internal collusion to cover up wrongdoing and losses, going back almost a decade to 2011-12.
But the report also has thrown a bombshell. Despite a new government-appointed board of directors comprising a bunch of senior retired bureaucrats being in charge for nearly three years, it says, crucial data pertaining to the company and its business has not been shared with the forensic auditor—Grant Thornton (GT).
Worse, erroneous, incomplete and inadequate data were provided and, in 40-odd cases, bank statements have not been provided (statements for only 122 out of 163 bank accounts were provided).
GT points out that the entire top management cabal of IL&FS, starting with…