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Home / Corporate Law News / IL&FS payment default crisis: ED raids multiple locations after filing PMLA case

IL&FS payment default crisis: ED raids multiple locations after filing PMLA case

February 20, 2019:

On Wednesday, the Enforcement Directorate (ED) conducted searches at multiple locations in connection with the Infrastructure Leasing and Financial Services (IL&FS) payment default crisis.

IL&FS
IL&FS

The probe agency is searching properties linked to top IL&FS Rail and IL&FS officials including former chairman Ravi Parthasarathy.

Officials said the central probe agency has registered a case under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case.

The raids were being conducted in four locations in Mumbai and three in Delhi. IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over ₹ 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. IL&FS is sitting on a debt pile of about ₹ 91,000 crore.

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