<span style="color: #222222;">Former Managing Director and Chief Executive Officer of Infrastructure Leasing and Financial Services (IL&FS) Limited was arrested on Saturday by the Serious Fraud Investigation Office (SFIO). </span><br />'' <br />'' <span style="color: #222222;">Ramesh C Bawa was arrested in connection with the ongoing investigation into the affairs of IL&FS and its group entities. </span><br />'' <br />'' <span style="color: #222222;">Bawa's arrest is on the grounds of abusing his powers in IL&FS through fraudulent conduct and in granting loans to entities which were not credit-worthy. This resulted in a wrongful loss to the company and its creditors. </span><br />'' <br />'' <span style="color: #222222;">IL&FS Limited had borrowings of around 17,500 crore rupees from debt instruments and bank loans. </span><br />'' <br />'' <span style="color: #222222;">Provident, Pension, Gratuity and Mutual Funds, and Public and Private Sector Banks, are among those who have invested in debt instruments.</span>