ILFS crisis: ED conducts fresh raids in residences and offices of Directors
New Delhi/Mumbai, May 22 The Enforcement Directorate Wednesday carried out fresh searches in Mumbai in connection with its money laundering probe in the multi-crore IL&FS payment default crisis, officials said.
They said the residences and offices of at least four directors of the firm are being raided.
The central agency had first carried out searches in this case in February after it filed a criminal case under the Prevention of Money Laundering Act (PMLA).
The searches are aimed at collecting additional evidences and documents, they said.
The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September, 2018.
IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 91,000 crore.
The ED’s case is based on an FIR filed before the Economic Offences Wing (EOW) of the Delhi Police in December last year.
The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September, 2018.
IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over Rs 91,000 crore.
The ED’s case is based on an FIR filed before the Economic Offences Wing (EOW) of the Delhi Police in December last year.
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