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Two Ex-IL&FS Executives Sent to ED Custody till June 25 for Alleged Roles in Money Laundering

Logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.)

Logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.)

IL&FS former Joint Managing Director Arun K Saha and its transportation network MD K Ramchand were remanded in ED's custody by a special PMLA (Prevention of Money Laundering Case) court.

  • PTI
  • Last Updated: June 20, 2019, 7:34 PM IST
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Mumbai: Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles in money laundering for the crisis-hit lending firm, were on Thursday remanded to six-day custody of the central agency.

IL&FS former Joint Managing Director Arun K Saha and its transportation network MD K Ramchand were remanded in ED's custody by a special PMLA court till June 25.

The two were arrested late Wednesday and produced before Judge PP Rajvaidya of the special court set up under the Prevention of Money Laundering Act.

The duo's were the first arrests in the case of financial irregularity by IL&FS.

The central agency had lodged a money laundering case against the firm in February this year and had raided homes and offices of a number of its former executives twice to gather additional evidence.

The debt crisis of the infrastructure lender came to light following a series of defaults in payments of loans by its group companies beginning September 2018.

IL&FS, which has defaulted in payment of loans to SIDBI has a combined debt of over Rs 91,000 crore along with its subsidiaries.

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