Five IL&FS Companies Face Probe For Fund Diversion: Report

The Serious Fraud Investigation Office (SFIO) has narrowed on five arms of Infrastructure Leasing & Financial Services (IL&FS) that may have been involved in fund diversion and mismanagement, the Economic Times reported. The government took control of the debt-laden IL&FS last week after defaults on a string of debt obligations triggered wider concerns about risks in the country's financial sector.