On Wednesday, the ED (Enforcement Directorate) has conducted raids at multiple locations in having links with IL&FS payment default crisis, said the officials.

It continued that the central investigating agency has filed a case under the Prevention of Money Laundering Act (PMLA), accused of payment default case and raids started against executives connected to the ILFS (Infrastructure Leasing and Financial Services).

The raids are conducted in Mumbai and locations in Delhi-NCR, it added.

IL&FS has defaulted on loan payments to SIDBI and with subsidiaries has a combined debt of around Rs. 91,000 crores.

The debt crisis at the infrastructure lender came to focus, which followed a series of defaults by its group companies started in September 2018.

IL&FS is standing on a debt of about Rs. 91,000 crores.

Further business news and the latest investment news are awaited.

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