The scheme per se is an innovative idea to attract investment. TNIFMC has currently two SEBI approved Alternate Investment Funds (AIF). The Tamil Nadu Infrastructure Fund Management Corporation Ltd (TNIFMC) was set up in 2015 by Govt of TN to raise private capital from Global investors and invest them into infrastructure and affordable housing projects within Tamil Nadu in Government, PPP as well as Private sector. Read about the IL & FS scam here.Ī similar scam is brewing in an asset management company of the Government of Tamil Nadu.
The IL&FS group has defaulted in payments to various creditors through a calculated fraud and the total default caused to the entire creditors is approximately a mind-boggling figure of 1 lakh crore,” the remand note by the EOW added.
Seeking remand from the court of the Special Judge under Sections 420, 409, 120B r/w 109 IPC, the EOW termed the case as “…one of the biggest economic frauds in the history of our country. EOW called it a “mammoth scam”, and that the remand was the need of the hour. Tamil Nadu’s Economic Offences Wing in it’s remand report of Ravi Parthasarathy, wrote this. The scam triggered a liquidity crisis in the market. The arrest Infrastructure Leasing and Finance Services (IL&FS) Independent Director Ravi Parthasarathy shook the Indian financial markets.
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