The Enforcement Directorate (ED) has slapped a money-laundering case on debt-laden Infrastructure Leasing & Financial Services’ (IL&FS’) former chairman Ravi Parthasarthy, vice-chairman Hari Sankaran, two subsidiaries and 18 others for allegedly siphoning off funds obtained from investors to develop infrastructure projects of Rs 74 crore.
The move comes after the Delhi Economic Offences Wing (EOW) registered a first information report in December last year against the 22 accused under provisions of the Indian Penal Code for criminal conspiracy and forgery.
Confirming the development, an ED official said “we are identifying and examining the proceeds of crime” emanating from the investments IL&FS subsidiaries have received from investors to develop Infrastructure projects. Following this, enforcement sleuths on Wednesday launched search operations on six premises (four in Mumbai and two in Delhi) since morning.
