Former IL&FS chairman Ravi Parthasarathy arrested by Chennai police
The Chennai police have arrested former IL&FS chairman Ravi Parthasarathy after a complaint filed by Mumbai-based 63 moons technologies regarding alleged cheating and fraud by an IL&FS subsidiary.
IL&FS collapsed in August 2018 after it failed to repay its loans to several Indian banks and insurance companies.
The company was then sent to the National Company Law Tribunal for debt resolution and the government appointed a board to steer the group out of financial trouble.
In a statement, the Chennai police said Parthasarthy was produced before a court on Friday and was sent to police custody for 15 days.
“The kingpin and the mastermind of the Rs 1 lakh crore IL&FS scam, Ravi Parthasarathy, has been arrested by the EOW (economic offences wing) in connection with Crime No.13 of 2020 dated 20 September 2020.
