Two ex-IL&FS executives sent to ED custody till June 25
PTI, Jun 21, 2019, 10:41 AM IST
Mumbai: Two former IL&FS executives arrested by the Enforcement Directorate for their alleged roles money laundering for the crisis-hit lending firm, were Thursday remanded to six-day custody of the central agency.
IL&FS former joint managing director Arun K Saha and its transportation network MD K Ramchand were remanded in ED’s custody by a special PMLA court till June 25.
The two were arrested late Wednesday and produced before Judge P P Rajvaidya of the special court set up under Prevention of Money Laundering Act.
The duo’s were the first arrests in the case of financial irregularity by IL&FS.
The central agency had lodged a money laundering case against the firm in February this year and had raided homes and offices of a number of its former executives twice to gather additional evidence.
The debt crisis of the infrastructure lender came to light following a series of defaults in payments of loans by its group companies beginning September 2018.
IL&FS, which has defaulted in payment of loans to SIDBI has a combined debt of over Rs 91,000 crore along with its subsidiaries.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty retreat from record highs on profit booking in IT shares ahead of US Fed decision
Bull run continues… Sensex, Nifty hit fresh record high levels
Airfare hike not linked to rise in airport charges: Airports Council International
Markets decline in early trade on profit-taking after record rally
NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme
MUST WATCH
Latest Additions
Geethartha Chinthane 39: The importance of being unenvious
59% turnout in first phase of J-K assembly polls, voting peaceful: CEO
Court reserves order on BJP MLA Munirathna’s bail plea
Election for Mangaluru city’s 25th Mayor, Deputy Mayor to be held on Sept 19
11 cases of cholera detected in Udupi district; DC urges public to prioritize cleanliness
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.