Ex-IL&FS group chief Ravi Parthasarathy arrested in Rs 1-lakh cr scam–business today

Clipped from: https://www.businesstoday.in/current/corporate/ex-ilfs-group-chief-ravi-parthasarathy-arrested-in-rs-1-lakh-cr-scam/story/441467.html

EOW says Parthasarathy was heading IL&FS group that comprised more than 350 group firms, and they were channelised to as a “vehicle to perpetrate fraud”

Aggrieved depositors and investors of ITNL can forward their claims to EOW, says EOW

The Chennai Police’s Economic Offences Wing (EOW) today arrested former Infrastructure Leasing & Financial Services (IL&FS) group chief Ravi Partharasarathy in the alleged Rs 1 lakh crore scam.

“The kingpin and the mastermind of the 1 lakh crore IL&FS scam Mr Ravi Parthasarathy has been arrested by EOW in connection with Crime No.13 of 2020 dated 20.09.2020,” said a statement issued by EOW Chennai.

The EOW statement said Parthasarathy was heading the IL&FS group that comprised more than 350 group firms, and they were channelised to as a “vehicle to perpetrate fraud”.

Also read: IL&FS case: ED attaches assets of Singapore-based shell company

63 Moons Technologies Ltd, which lost Rs 200 crore, and various other depositors had lodged an FIR against Parthasarathy and others in the case, following which the police took action against him. He had even applied for an anticipatory bail, which was rejected by the Madras High Court earlier.

Also read: IL&FS offloads 49% stake in China road asset

“Aggrieved depositors and investors of ITNL can forward their claims to EOW,” the EOW said.

The IL&FS crisis had first appeared in July 2018 after the company defaulted on a series of debt obligations due to a liquidity crisis. In August 2018, IL&FS had collapsed as it defaulted on bonds.

As of March 2018, it owed over Rs 90,000 crore to banks and other creditors. The government in October 2018 superseded the board of IL&FS and appointed a new board, with eminent banker Uday Kotak as its executive chairman.

Also read: IL&FS chairman Ravi Parthasarathy got 144% salary hike in FY18

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