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Business News

May 22, 2019
2:13PM

ILFS crisis: ED conducts fresh raids in Mumbai

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The Enforcement Directorate today carried out fresh searches in Mumbai in connection with its money laundering probe in the multi-crore Infrastructure Leasing & Financial Services, IL&FS, payment default crisis. Officials said the residences and offices of at least four directors of the firm are being raided to collect additional evidence and documents.  

The agency had first carried out searches in this case in February after it filed a criminal case under the Prevention of Money Laundering Act (PMLA). The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018.

 IL&FS has defaulted on payment of loans to Small Industries Development Bank of India (SIDBI) and along with its subsidiaries has a combined debt of over  91,000 crore rupees. The ED's case is based on an FIR filed before the Economic Offences Wing (EOW) of the Delhi Police in December last year.

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