The scam at the IL&FS group came to light in September 2018 after several group entities defaulted on repayments due to severe liquidity problems. Later, the government superseded the board of directors to revive the ailing group.source https://economictimes.indiatimes.com/industry/banking/finance/banking/punjab-and-sind-bank-reports-account-of-ilfs-financial-services-ifin-as-fraud-account-to-rbi/articleshow/78833287.cms
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