Forensic Diligence: Going Beyond Audits to Mitigate Hidden Risks in Alternative Assets.

29 October 2025

It was September 2018. India’s financial world was about to be rocked.

News broke that Infrastructure Leasing & Financial Services (IL&FS), a diverse giant with over 300 subsidiaries in roads, power, airports, and urban development, had defaulted on its debt. The number was jaw-dropping: ₹91,000 crores.

But what truly sent shockwaves through the system wasn’t just the default but the fact that Deloitte, IL&FS’s auditor for a decade, had signed off on clean reports year after year, right up until the collapse.

The scandal didn’t just raise eyebrows — it raised questions about the very credibility of India’s auditing profession.

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