IL&FS crisis: ED raids multiple locations after filing PMLA casehttps://indianexpress.com/article/business/ilfs-crisis-ed-raids-multiple-locations-after-filing-pmla-case-5592715/

IL&FS crisis: ED raids multiple locations after filing PMLA case

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 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.