The Enforcement Directorate (ED) on Wednesday arrested two former top executives — Arun Kumar Saha and Karunakaran Ramchand — for their alleged involvement in money laundering activities at Infrastructure Leasing & Financial Services (IL&FS) group.
Saha was former joint managing director (MD) of IL&FS Financial Services, while Ramchand was former MD of IL&FS Transportation Networks (ITNL).
Confirming the development, a senior ED official told Business Standard that they were arrested under Section 19 of the Prevention and Money Laundering Act (PMLA). The ED had registered the enforcement case investigation report (Ecir) on February 19. They will both be presented on Thursday at a special court of PMLA in Mumbai, the official added.
