Mumbai ED arrests two former directors of IL&FS in PMLA probe

Mumbai: The Enforcement Directorate (ED), which is investigating a case of alleged money laundering at the debt-ridden Infrastructure Leasing and Financial Services Ltd (IL&FS), on Wednesday evening arrested two former directors of the financial services company. They were arrested under the Prevention of Money Laundering Act (PMLA).

“Arun Saha and K Ramachandra, former directors of IL&FS, were arrested today by the Mumbai branch of ED. Further probe is underway,” said an ED official.

The ED’s probe is to unearth the circuitous transactions that were used to fund group companies or financially distressed third parties.