The ministry ordered Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters.

Government allocated 4.31 trillion rupees (USD 62.27 billion) for defence, a 6.6 per cent rise over the previous year.

The contribution of the sector in the economy is currently constrained due to several challenges affecting growth in the sector.

PE inflows from foreign investors increased 28 per cent during the first six months of the 2019 calendar year.

RIL has been inquired by the ministry to provide details of funding, operations and revenues.

The association said that delay in project execution is the biggest bane plaguing the real estate sector.

India’s central bank and the govt is in the midst of cleaning up a banking system saddled with the world’s worst NPA ratio.

The project will be taken up in Khowai, Ambassa, Dharmnagar, Kailashahar, Udaipur, Bishramganj and Belonia.

The Wadhawan family, the promoters of the company, currently holds close to 40 per cent stake in the company.