Companies

ED arrests two former IL&FS executives

PTI New Delhi | Updated on June 19, 2019 Published on June 19, 2019

The Enforcement Directorate on Wednesday arrested two former executives in connection with its money laundering probe in the IL&FS alleged financial irregularities case, officials said.

They said former joint MD of the company Arun K Saha and MD of transportation network K Ramchand were arrested late evening in Mumbai under the Prevention of Money Laundering Act (PMLA).

These are the first arrests in this case by the Enforcement Directorate.

The two will be produced before a special PMLA court in Mumbai on Thursday, they said.

The central agency had filed a money laundering case in February this year and had twice raided a number of former executives in order to obtain additional evidence.

The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018.

The ED’s case is based on an FIR filed before the Economic Offences Wing (EOW) of the Delhi Police in December last year.

Ashish Begwani, Director of Enso Infrastructures (P) Ltd, had filed the case against officials of IL&FS Rail Ltd for allegedly causing ₹70 crore loss to his company by fraudulent means.

Published on June 19, 2019
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