The former brass, Rajesh Kotian, Shehzad Dalal, Manu Kochhar and Mukund Sapre, are under the ED's scanner
The Enforcement Directorate carried out searches on Wednesday on the Mumbai premises of four former directors of debt-ridden Infrastructure Leasing & Financial Services (IL&FS) as part of its probe into the multi-crore payment default crisis at the lending major.
The former brass, Rajesh Kotian, Shehzad Dalal, Manu Kochhar and Mukund Sapre, are under the ED's scanner after the agency filed a case under the Prevention of Money Laundering Act against IL&FS, two of its subsidiaries and 18 directors.
The case was lodged in February based on an FIR registered by the Delhi Police's Economic offence Wings on December 6, 2018.
While Mukund Sapre was executive director of IL&FS Transportation Networks when the fraud was carried out, Rajesh Kotian served as deputy managing director of IL&FS Financial Services Limited. Kotian held the post from November 7, 2017 until July 3, 2018. His primary responsibility was to raise debt for IL&FS projects and third-party clients.
Shehzad Dalal, a company director, was responsible for bringing in business for the company in the domestic and international markets, while Manu Kochhar, a charted accountant, was chief finance officer of the group.
"We have collected incriminating documents so far and that needs to be scrutinised," said a senior officer of the agency that investigated financial wrongdoing.
Ashish Begwani, Director of Enso Infrastructures (P) Ltd, had filed the case against officials of IL&FS Rail Ltd for allegedly causing Rs 70 crore loss to his company by fraudulent means.
It is alleged that the then directors of IL&FS Transportation Networks had approached Begwani in 2010 with a business proposal.
Accordingly, Enso invested Rs 170 crore for taking over 15 per cent shares of IL&FS Rail Ltd, a special purpose vehicle floated for the Gurgaon Metro project.
But the company later found out that the funds were allegedly being diverted.
It was also alleged that IL&FS Rail issued bogus contract works to inflate its expenses.
The agency had also carried out similar searches in the case in February in Delhi, Noida and Mumbai.
IL&FS has a debt of around Rs 91,000 crore and its new board, led by Uday Kotak, is trying to sell its assets to repay it.
The crisis came to light in September last year. The government took control of the indebted group in October and set up a new board to manage the company and sell it through a resolution process.
Rs 91-crore debt
- Debt crisis at infra lender came to light after series of defaults by group companies beginning Sept 2018.
- IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a debt of over Rs 91,000 crore.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "IL&FS")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}