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4 ARCs under I-T scanner for transactions worth ₹75,000 crores

  • According to the news report, 4 Asset Reconstruction Companies (ARCs) namely- CFM Asset Reconstruction Pvt Ltd, Omkara Assets Reconstruction Pvt Ltd, Rare Asset Reconstruction Pvt Ltd and Invent ARC Pvt Ltd. have come under the scanner of the income tax department for executing transactions worth ₹75,000 crores.

  • These ARCs are being probed for allegedly passing on just about 20% of this amount as recoveries from the non-performing assets they had acquired from banks.