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.