IL&FS crisis: ED raids multiple locations

New Delhi, February 20

The Enforcement Directorate (ED) today conducted raids on at least six locations in Mumbai and Delhi-NCR region in connection with the multi-crore IL&FS payment default crisis and seized foreign currency worth Rs 6 lakh, officials said.

They said the action by the central probe agency came after it registered a criminal complaint on Tuesday under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case.

Searches were being conducted at the “residential premises of key officials” linked to the erstwhile management of ILFS, including its former chairman Ravi Parthasarathy and few others, they said. It added it has filed the PMLA case “against IL&FS Group and others on the basis of an FIR registered by the Delhi Police EOW for alleged cheating and forgery on part of IL&FS Group and its managing committee during the period from 2010-2018”. — PTI

Group Owes over Rs 91,000 crore 

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

• RsIL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 91,000 crore