This was done in consideration of a mandate of restructuring from Siva group to IFIN with a fee of Rs 12.5 crore. "Further, in the interim of this transaction, Ramesh Bawa (who was then CEO and MD of IFIN) also assisted a senior director in Fitch Ratings, Singapore, who appears to be involved in rating of IL&FS in buying a duplex villa of Rs 4.25 crore at a discounted price of Rs 3.25 crore," as per the probe report. According to the website of IFIN, its borrowing programme was rated by renowned rating agencies — Credit Analysis and Research Ltd (CARE), Investment Information and Credit Rating Agency of India Ltd ( ICRA ) and India Ratings & Research Pvt Ltd (Fitch). It also said IFIN enjoyed "the top notch credit rating for its long term and short term borrowing programme".