MUMBAI: The Enforcement Directorate (ED) is investigating the IL&FS Employee Welfare Trust (EWT) over possible irregularities, extending its probe into alleged money laundering related to subsidiaries of Infrastructure Leasing & Financial Services (IL&FS).
“As much as 13.64% shareholding of IL&FS is held by the employee trust, of which the principal beneficiaries are the senior management of IL&FS, including its former CMD Ravi Parthasarathy, former director Hari Sankaran and others,” stated the February 19 enforcement case information report (ECIR), which ET has seen. “The accused Ravi Parthasarathy, Hari Sankaran and others, in order to increase the fund base and investor base and to lure them into making investments at each stage and sub-stage, have created a myriad, complex and non-transparent structure and a web of companies which have been initially promoted by IL&FS and subsequently by those companies itself.”
