IL&FS has a total debt of more than Rs 91,000 crore. (Photographer: Abhijit Bhatlekar/Bloomberg News)

Two Former IL&FS Executives Put In Enforcement Directorate’s Custody Till June 25

Arun K Saha and M Ramchand, two former executives of crisis-hit IL&FS arrested by the Enforcement Directorate on money laundering charges, were put under custody for six days by a special court on Thursday.

The two were arrested late night on Wednesday and produced before Judge PP Rajvaidya of the special court set up under Prevention of Money Laundering Act.

While Saha is a former joint managing director of the Infrastruture Leasing & Financial Services Ltd., Ramchand was the managing director of IL&FS Transportation Networks India Ltd. Theirs are the first arrests in IL&FS fraud case.

The Enforcement Directorate had in February lodged a money laundering case against IL&FS and had raided homes and offices of several former executives to gather additional evidence. The IL&FS crisis came to light after a series of defaults by IL&FS companies, beginning September 2018.

The IL&FS Group, which has defaulted in payment of loans to Small Industries Development Bank of India, has a total debt of more than Rs 91,000 crore.

Bloomberg Quint

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