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ED files case against IL&FS top officials, raids Mumbai, Delhi-NCR offices

The ED Wednesday raided beleaguered IL&FS offices across Delhi-NCR and Mumbai in connection with a money loaundering case registered by the probe agency against it

twitter-logo BusinessToday.In        Last Updated: February 20, 2019  | 14:03 IST
ED files case against IL&FS top officials, raids Mumbai, Delhi-NCR offices
The Enforcement Directorate (ED) has registered against the Infrastructure Leasing and Financial Services (IL&FS) ltd top officials including its former chairman Ravi Parthasarathy, under the PMLA Act.

The Enforcement Directorate (ED) Wednesday registered a case against the Infrastructure Leasing and Financial Services (IL&FS)'s top officials including its former chairman Ravi Parthasarathy, under the Prevention of Money Laundering Act (PMLA).

Raids are underway across multiple locations in Delhi-NCR and Mumbai concerning financial irregularities in the IL&FS. The probe agency is also searching the premises of the infrastructure lender's former officials.

The Delhi Police has already registered a case against IL&FS and Economic Offence Wing (EOW) and is investigating the cash-strapped lender.

The ED registered this case following a report submission by the Serious Fraud Investigation Office (SFIO) in the IL&FS case. The report has instances of shady transactions, misreporting of income, conflict of interest, ever-greening of loans and personal enrichment of key employees.

The infrastructure lender's crisis came to light last year following a series of defaults by its group companies on their debt obligations which accumulated to the tune of about Rs 91,000 crore.

Also Read: IL&FS Transportation Networks defaults on dividend payment of Rs 7.12 crore

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