The Chennai Police's Economic Offences Wing (EOW) today arrested former Infrastructure Leasing & Financial Services (IL&FS) group chief Ravi Partharasarathy in the alleged Rs 1-lakh crore scam. "The kingpin and the mastermind of the 1 lakh crore IL&FS scam Mr Ravi Parthasarathy has been arrested by EOW in connection with Crime No.13 of 2020 dated 20.09.2020," said a statement issued by EOW Chennai.
Parthasarthy will remain in police custody for the next 15 days, and his bail plea will come up for hearing on June 14, EOW DSP Prakash Babu told news agency IANS.
The EOW statement said Parthasarathy was heading the IL&FS group that comprised more than 350 group firms, and they were channelised to as a "vehicle to perpetrate fraud". He's accused of indulging in fraud that hurt the interests of the company, shareholders and creditors.