IL&FS rip-off: ED arrests two former prime executives in reference to cash laundering probe

New Delhi: The Enforcement Directorate (ED) on Wednesday arrested two former executives in reference to its cash laundering probe within the IL&FS alleged monetary irregularities case, officers stated.

They stated, former joint MD of the corporate Arun Ok Saha and, MD of transportation community Ok Ramchand have been arrested late night in Mumbai underneath the Prevention of Money Laundering Act (PMLA).

These are the primary arrests on this case by the Enforcement Directorate.

The two will he produced earlier than a particular PMLA court docket in Mumbai on Thursday, they stated.

Representational picture. Reuters.

The central company had filed a cash laundering case in February this 12 months and had twice raided numerous former executives so as to acquire further proof.

The debt disaster on the infrastructure lender got here to gentle following a sequence of defaults by its group corporations starting September, 2018.

IL&FS has defaulted on fee of loans to SIDBI and together with its subsidiaries has a mixed debt of over 91,000 crore.

The ED’s case is predicated on an FIR filed earlier than the Economic Offences Wing (EOW) of the Delhi Police in December final 12 months.

Ashish Begwani, Director of Enso Infrastructures (P) Ltd, had filed the case in opposition to officers of IL&FS Rail Ltd for allegedly inflicting 70 crore loss to his firm by fraudulent means.

Begwani had alleged in his grievance that in August 2010, he was approached by two officers of IL&FS Transportation Networks Ltd and he had invested 170 crore in IL&FS Rail Ltd, a particular objective car for Gurugram Metro undertaking, so as to take its 15 per cent shares.

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