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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

Technologies.

"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

Friday.

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

NVG NVG


Disclaimer: This story has not been edited by Outlook Staff and is auto-generated from news agency feeds. Source: PTI

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