EOW arrests former IL&FS chairman Ravi Parthasarathy
Chennai, June 11 (PTI): Former chairman of the bankrupt
Infrastructure Leasing and Financial Services (IL&FS) Ravi
Parthasarathy has been arrested by the Economic Offences
Wing-II, here, following a complaint given by 63 Moons
"The kingpin and the mastermind of the several crore
IL&FS and ITNL (IL&FS Transportation Networks Ltd) financial
scam Ravi Parthasarathy has been arrested by the economic
offences wing (EOW-II) Chennai," a press release said on
The IL&FS Group consists of more than 300 group
companies that were used as a vehicle to perpetrate one of
the country''s largest financial frauds by the then management
of IL&FS group headed by Parthasarathy, the release said.
The First Information Report (FIR) has been registered
under relevant sections of Indian Penal Code in connection
with the complaint given by 63 Moons Technologies which
allegedly lost a sum of Rs 200 crore.
"Complaints from various other depositors have also been
received by the Economic Offences Wing," the release said
adding an anticipatory bail petition filed by Parthasarathy
was dismissed by the Madras High Court.
The EOW-II Chennai had already arrested and remanded the
former directors, and managing directors -- Hari Sankaran
and Ramachand Karunakaran also the close aides of the
Partharasarathy, the release said.
Parthasarathy was produced before TNPID (Tamil Nadu
Protection of Interests of Depositors (in Financial
Establishments) Court, Chennai, after following due procedure
and the court recorded the arrested and remanded him in
judicial custody, the release added.
In April this year, IL&FS had sold its entire stake in
the waste management arm IL&FS Environmental Infrastructure
and Services and its subsidiaries to EverEnviro Resource
Management, an arm of the PE major Everstone Group.
In August 2019, the IL&FS was sent to the bankruptcy
courts by the government and was placed under special
management led by banker Uday Kotak.PTI VIJ
Disclaimer: This story has not been edited by Outlook Staff and is auto-generated from news agency feeds. Source: PTI