The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in connection with the Infrastructure Leasing and Financial Services (IL&FS) payment default crisis. The probe agency is searching properties linked to top IL&FS Rail and IL&FS officials including former chairman Ravi Parthasarathy.
Officials said the central probe agency has registered a case under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case.
The raids were being conducted in four locations in Mumbai and three in Delhi. 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 debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018. IL&FS is sitting on a debt pile of about Rs 91,000 crore.