A Mammoth scam of over Rs. 91000 Crores perpetrated by IL&FS and its Group Companies have left the Banks, Debenture Holders, Other Depositors and Lenders (Public Monies) in lurch. We are eager to take this matter as it is essential to restore the confidence of the investors in the Indian market and also get the monies of common public recovered.

We, the Chennai Financial Markets and Accountability (CFMA), are a society registered under Tamil Nadu Societies Registration Act, 1975 with objective is to address public concerns and provide assistance in the areas of banking, insurance, financial sector or any other domain of public / community interest.

Our aim is to ensure support for individuals who have placed their moneys in different instruments to augment their income and more importantly to safeguard their hard-earned money. Our attempt is to mitigate the challenges faced by an individual in fighting battles in Court to enforce his rights and recover his hard-earned money.

We are in the process of evaluating & considering the request from several depositors who have lost their hard earned monies in the infamous IL&FS Scam to fight for their cause.

All those who want to join the cause for recovery of their money may submit their details voluntarily at

Brief about the IL&FS Scam

IL&FS, a systemically important Core Investment Company registered with the Reserve Bank of India through its Key Managerial Personnel (KMPs) and the Master Mind Mr. Ravi Parthasarthy have diverted huge amounts of public funds.

This fraud is unprecedented in independent India, as it has been found that the KMPs bribed the officials of Credit Rating Agencies (CRAs) to obtain good ratings for their instruments and induced their statutory auditors to present faulty picture about the financial position of the IL&FS Group, so as to persuade the public to invest their hard earned money with the IL&FS Group.

RBI report dated 22.03.2019 confirmed fraud and faulted the auditors of showing false projections. SFIO appointed by MCA u/s 212 of the Companies Act 2013 filed a complaint before Special Court for various offences against the accused persons including statutory auditors. SEBI has levied monetary penalty on the Credit Rating Agencies for violating the prudential norms to be adopted while providing ratings.

The IL&FS scam is an event which has rocked the entire country and the figure involved in the scam including the loan defaults is a mammoth Rs. 91,000 crores which is unfathomable. Union of India itself has said that the activities of the IL&FS group have affected the economy of India and the fraud has happened in such a manner where even the accounts of the entire group had to be recasted. The Union of India has also said that IL&FS group functioned as one single economic entity.

It is clear that there has been a regulatory failure and connivance of various statutory officials with the accused persons otherwise a scam to this extent could never have happened. However, what has happened in the instant case is something which shocks every honest investor. A fraud has happened right under the nose of premier regulators but no one has taken effective and concrete action to protect the interest of the small investors.

It is settled law that fraud vitiates even the most solemn of acts and this corporate espionage which has shocked the entire country at large cannot be condoned.

Considering the extent of fraud that has transpired, it becomes imperative that the real accused persons who are the beneficiaries of the fraud are pinned and monies are recovered to pay to the investors. Even if one were to say that the new management of IL&FS Group cannot be proceeded against, there is no bar in proceeding against the beneficiaries of the fraud, to ensure that monies are repaid to the affected parties.