Ex-Directors Of Crisis-Hit Lending Firm IL&FS Raided By Probe Agency

The debt crisis at IL&FS came to light after a series of defaults by its group companies from September last year.

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Ex-Directors Of Crisis-Hit Lending Firm IL&FS Raided By Probe Agency

IL&FS, a major infrastructure financing and construction company, has a total debt of Rs. 91,000 crore.


Mumbai: 

The Enforcement Directrate is carrying out searches at the homes and offices of four former directors of crisis-hit lending firm IL&FS in Mumbai in connection with an alleged money-laundering probe. 

IL&FS, a major infrastructure financing and construction company, has a total debt of Rs. 91,000 crore and has been trying to sell its assets to repay debt after several defaults forced the government to overhaul its management.

Premises of Rajesh Kotian, Shehzad Dilan, Manu Kochhar and  Mukund Sapre are being searched by the probe agency today.

The central agency had first carried out searches in this case in February after it filed a criminal case under the Prevention of Money Laundering Act (PMLA).

The debt crisis at the infrastructure lender came to light after a series of defaults by its group companies from September last year.

In April, Hari Sankaran, the former chairman of IL&FS was arrested for alleged abuse of power in the company.

The government took control of the heavily indebted infrastructure financing and construction group in October last year, following a string of defaults on debt obligations.

IL&FS first shocked markets when it postponed a $350 million bonds issuance in March 2018 due to demand for a higher yield from investors.

The Enforcement Directorate's case is based on a First Information Report filed before the Economic Offences Wing (EOW) of the Delhi Police in December last year.

The director of an infrastructure firm had filed the case against officials of IL&FS Rail Ltd for allegedly causing Rs 70 crore loss to his company by fraudulent means.



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