Ravi Parthasarathy is said to be close to former finance minister P Chidambaram
Ravi Parthasarathy, former chairman and MD of IL&FS has been arrested.
New Delhi. Ravi Parthasarathy, the mastermind of the Rs 1 lakh crore IL&FS scam and former chairman of Infrastructure Leasing and Financial Services (IL&FS), was arrested by the Economic Offenses Wing (EOW Chennai) of the Chennai Police on Friday. The Economic Offenses Wing (EOW) said that under the leadership of former chairman Ravi Parthasarathy, IL&FS had become a den of fraud.
The Economic Offenses Wing of Chennai Police said in its statement that Ravi Parthasarathy has been arrested in connection with a complaint made by 63 Moons Technologies Ltd. It is known that Rs 200 crore of 63 Moons Tech was drowned in this Rs 1 lakh crore scam. Apart from this, many companies have also filed cases whose money was lost. The EOW said Ravi Parthasarathy, former chairman of IL&FS, has been sent to 15-day police custody where he will be interrogated. Also, his bail case will be heard in the Madras High Court on Monday. The ED is also probing many cases of financial fraud against these.
Ravi is said to be close to former finance minister P Chidambaram
Let us tell you that Ravi Parthasarathy, who was close to former Finance Minister P Chidambaram, has been described by the Economic Offenses Wing as the mastermind of the loss of Rs 1 lakh crore. In its statement, EOW said that more than 350 companies of IL&FS were used by the then management under the leadership of Ravi Parthasarathy as vehicles to commit scam and forgery.IL&FS Group has a total debt of Rs 91,000 crore
IL&FS Group has a total debt of Rs 91,000 crore. Many companies of this group have not even repaid the loans of the banks. Against Parthasarathy, the ED has also registered a case of financial fraud with forgery, fraud and financial irregularities under the Money Laundering Act.
Case registered in these cases
A case has been registered against Ravi Parthasarathy for giving false information about income, suspicious transactions, conflict of interest. Apart from this, the Economic Offenses Wing has also investigated the matter and registered a case under various sections of the IPC, in which case Ravi Parthasarathy has been arrested today.
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The scam was exposed in 2018
The information about the scam in IL&FS came to light in the year 2018 when IL&FS and its subsidiaries delayed the repayment of loans due to cash crunch. IL&FS is associated with many government projects and has given most of its debt to government companies only.