NEW DELHI: The Enforcement Directorate on Wednesday arrested two former IL & FS executives in connection with its money laundering probe in the alleged financial irregularities case, officials said.
They said former joint MD of the company Arun K Saha and MD of transport network K Ramchand was arrested late evening in Mumbai under the Prevention of Money Laundering Act (PMLA).
These are the first arrests in this case by the Enforcement Directorate.
They will be produced before a special PMLA court in Mumbai on Thursday, they said.
The central agency did file a money laundering case in February this year and there are also additional evidence to obtain a number of former executives in the raided.
The debt crisis at the Infrastructure loan came to light following a series of defaults by its group companies beginning September, 2018.
IL & FS has defaulted on payment of loans to SIDBI Along with its subsidiaries, it has a combined debt of over Rs 91,000 crore
The ED’s case is based on an FIR filed before the Economic Offenses Wing (EOW) of Delhi Police in December last year.
Ashish Begwani, Director of Enso Infrastructures (P) Ltd, had filed the case against officers of IL & FS Rail Ltd for allegedly causing Rs 70 crore loss to his company by fraudulent means.
Begwani had alleged in his complaint that in August 2010, he was approached by two officers of IL & FS Transportation Networks Ltd and he had invested Rs 170 crore in IL & FS Rail Ltd, a special purpose vehicle for Gurugram Metro project, cent shares