Srei Group: Fraud of Rs 3025 crore reported in FY20 and FY21

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Monetary Impact

'The Biggest' Largest Financial Transaction Auditor in India has issued a report on a fraud [{ "selector": ".aapul-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }, { "selector": ".zrabu-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

Fraud Transactions

The Reserve Bank of India (RBI) Superseded the Boards of Srei Infrastructure Finance [{ "selector": ".ipwzi-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }, { "selector": ".aulgo-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

Who is the CEO

Rajneesh Sharma, ex-chief general manager, Bank of Baroda, was appointed as the administrator to look into the affairs of the Srei group companies. [{ "selector": ".nsmgr-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }, { "selector": ".ambcw-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

Share price gone down

The price of seri shares has decreased from previous month close. [{ "selector": ".wckbe-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }, { "selector": ".fxtlb-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

The Srei group companies, which are undergoing corporate insolvency resolution process, came under duress during the Coronavirus-induced lockdown

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BDO or transaction auditor [{ "selector": ".oilpg-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

SEFL filed this under the SIFL name.

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Fraudulent Transactions certain transactions have been detected during the current fiscal year which were unauthorized [{ "selector": ".cerow-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

Rs 513.67 crore is the amount In a statement issued by the company, the firm said it has paid a sum of Rs 536.06 crore towards power trust tax, amounting to 33 per cent of "the Notional Loss". [{ "selector": ".mlwaa-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

Impact of Payment The total impact of the transaction (excluding interest payment calculations) is approximately Rs 3,025.73 crore". [{ "selector": ".jgwld-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": 1} ] }]

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