The Enforcement Directorate (ED) has widened its probe into the money laundering case of alleged financial fraud in the Infrastructure Leasing & Financial Services (IL&FS).
On Wednesday, the enforcement sleuths conducted search operations at the business premises and residences of four former directors of the cash-strapped IL&FS Financial Services (IFIN).
According to an ED official, the probe agency is gathering evidence with respect to serious anomalies, multiple irregular transactions, and money involved.
The business and residences of Rajesh Kotian, former executive director of IFIN; Shahzaad Siraj Dalal, who took IL&FS overseas, headed the funds floated by IL&FS Investment Managers, and had financed some real estate developers in India; Siddharth Mehta, one of the promoters of Bay Capital and director at IL&FS Energy Development Company were searched.
