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Enforcement Directorate during searches conducted at residential premises of key officials of erstwhile management of Infrastructure Leasing & Financial Services (IL&FS) group found various pieces of incriminating evidence.
In a press note, ED stated that they had seized close to ₹6 lakh in foreign currency, various property documents and incriminating documents, records and media. On Wednesday, ED officials conducted searches under Prevention of Money Laundering Act, 2002 (PMLA) at the residences of the IL&FS former top brass in Mumbai, Delhi and Gurugram. On February 19, ED recorded a case under against IL & FS on the basis of FIR registered by Economic Offence Wing (EOW) in Delhi for alleged cheating and forgery on part of IL&FS group and its managing committee during the period from 2010 to 2018.
“It was alleged in the FIR that the group has taken investments in the group concerns on the basis of false projections and has been involved in forging the books of accounts and in providing loans to subsidiaries and related companies and thereby layering and routing the funds,” stated the press note. After allegations by certain entities that funds were being diverted by IL&FS, the agencies undertook investigations. IL&FS and it's subsidiaries have defaulted on loans and have a debt of close to ₹ 91,000 crore.
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