The Enforcement Directorate on Wednesday arrested two former executives in reference to its cash laundering probe within the IL&FS alleged monetary irregularities case, officers mentioned.
They mentioned former joint MD of the corporate Arun Ok Saha and MD of transportation community Ok Ramchand have been arrested late night in Mumbai beneath the Prevention of Money Laundering Act (PMLA).
These are the primary arrests on this case by the Enforcement Directorate.
The 2 will he produced earlier than a particular PMLA court docket in Mumbai on Thursday, they mentioned.
The central company had filed a cash laundering case in February this 12 months and had twice raided a variety of former executives as a way to acquire extra proof.
The debt disaster on the infrastructure lender got here to mild following a collection of defaults by its group corporations starting September, 2018.
IL&FS has defaulted on fee of loans to SIDBI and together with its subsidiaries has a mixed debt of over 91,000 crore.
The ED’s case relies on an FIR filed earlier than the Financial Offences Wing (EOW) of the Delhi Police in December final 12 months.
Ashish Begwani, Director of Enso Infrastructures (P) Ltd, had filed the case towards officers of IL&FS Rail Ltd for allegedly inflicting 70 crore loss to his firm by fraudulent means.
Begwani had alleged in his criticism that in August 2010, he was approached by two officers of IL&FS Transportation Networks Ltd and he had invested 170 crore in IL&FS Rail Ltd, a particular goal car for Gurugram Metro challenge, as a way to take its 15 per cent shares.