Road construction takes place near the IL&FS building in Mumbai. (Photographer: Abhijit Bhatlekar/Bloomberg News)

Enforcement Directorate Raids Multiple Locations Linked To IL&FS Crisis

The Enforcement Directorate on Wednesday conducted searches at multiple locations in connection with the Infrastructure Leasing & Financial Services payment default crisis, officials said.

They said the central probe agency has registered a case under the Prevention of Money Laundering Act in the alleged payment default case and raids were being conducted against executives linked to the IL&FS. The raids are on in Mumbai and locations in Delhi-NCR, they said.

Also read: NCLAT Lifts Debt Moratorium On 22 Indian, 133 Foreign Subsidiaries Of IL&FS

IL&FS has defaulted on payment of loans to Small Industries Development Bank of India. The infrastructure lender, along with its subsidiaries, has a combined debt of over Rs 91,000 crore. The debt crisis came to light following a series of defaults by its group companies beginning Sep. 2018.

Also read: How The IL&FS Crisis Took A Toll On Mutual Funds