The Serious Fraud Investigation Office (SFIO) has uncovered deep irregularities across corporate governance and financial handlings in Infrastructure Lending and Financial Services (IL&FS) that led to a debt crisis, forcing the government to revoke the board of the company, Financial Express reported, citing sources.

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“SFIO has gathered enough evidence to show gross failure in corporate governance, several conflicts of interest and even undue personal enrichment of some key personnel who were running the show at IL&FS,” a source familiar with the development told FE.

The development comes after the prima facie findings by the Ministry of Corporate Affairs that cited some of the issues before the National Company Law Tribunal (NCLT) to revoke the board, the report said.

The investigation agency has questioned about 40-50 people who were working in IL&FS, the report said, adding that appropriate measures will be taken against the culprits irrespective of their status which may include former directors of the company.

The government has issued a look-out notice against top former executives of IL&FS such as Ravi Parthasarathy, Ramesh Bawa, Hari Shankaran and K Ramchand due to fears that they might flee the country, the report added.