RBI showcauses ARCs after audit following Income Tax raids
In December 2021, the I-T department carried out a search and seizure of 60 premises of four ARCs - Omkara ARC, Rare ARC, CFM ARC, and Invent ARC. The searches, according to the department, revealed that some ARCs adopted various unfair and fraudulent trade practices in acquiring non-performing assets (NPAs) from lender banks.
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