The Enforcement Directorate (ED) is carrying out searches at six places in Delhi, Mumbai & Gurugram in connection with a case registered in the Infrastructure Leasing and Financial Services Ltd (IL&FS) matter.
The ED has registered a case against former top officials of IL&FS, including its former chairman Ravi Parthasarathy, under the Prevention of Money Laundering Act (PMLA).
According to a report from Economic Times
, the ED case follows the predicate offence registered with Delhi Police. The Delhi Economic Offence Wing (EOW) is also probing the cash-strapped IL&FS and had registered a case under various sections of the Indian Penal Code (IPC) for criminal conspiracy and forgery.
The EOW’s case was based on a complaint by Ashish Begwani, director of New Delhi-based Enso Infrastructures.
It was alleged that in or about August 2010, Mr Begwani was approached by officials like Mr Parthasarthy, Hari Shankaran, and K Ramchand — all directors of IL&FS Transportation Networks Ltd.
“Allured by the tall promises, Enso Infrastructures agreed to invest in the company IL&FS Rail Ltd and invested Rs170 crore in order to take 15% shares of IL&FS Rail, a special purpose vehicle (SPV) for the Gurgaon Metro project. However, over a period of time, complainant observed that the company is not performing profitably and funds are being misused,” the complaint said.
According to reports, the searches are being carried out at the residential premises of the company directors, including Ramesh Bawa and Mr Parthasarathy.