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.

Related Articles
Next Story
Going Viral
Probe Agencies Expect Quick Extradition of Fugitive Business Magnet Accused of Punjab National Bank Scam

Probe Agencies Expect Quick Extradition of Fugitive Business Magnet Accused of Punjab National Bank Scam

by Haimantee Ghosh March 22, 2019
Investigation officials are very sure about that there will be no scope of delay in getting Indian fugitive businessman Nirav Modi repatriated to India as they presented the UK authorities all the essential legal documents needed and sealed every hole of let-out which can turn to account by the defence counsel. Potential sources told the media that their non-stop effort for the extradition of another fugitive business magnate -Vijay Mallya...