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Former IL&FS Chairman Ravi Parthasarathy Arrested in Country’s Largest Financial Frauds

Former IL&FS Chairman Ravi Parthasarathy Arrested in Country’s Largest Financial Frauds

Former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS) Ravi Parthasarathy has been arrested by the Economic Offences Wing-II, here, following a complaint given by 63 Moons Technologies. “The kingpin and the mastermind of the several crore IL&FS and ITNL (IL&FS Transportation Networks Ltd) financial scam Ravi Parthasarathy has been arrested by the economic offences wing (EOW-II) Chennai,” a press release said on Friday.

The IL&FS Group consists of more than 300 group companies that were used as a vehicle to perpetrate one of the country’s largest financial frauds by the then management of IL&FS group headed by Parthasarathy, the release said. The First Information Report (FIR) has been registered under relevant sections of Indian Penal Code in connection with the complaint given by 63 Moons Technologies which allegedly lost a sum of Rs 200 crore.

“Complaints from various other depositors have also been received by the Economic Offences Wing,” the release said adding an anticipatory bail petition filed by Parthasarathy was dismissed by the Madras High Court. The EOW-II Chennai had already arrested and remanded the former directors, and managing directors — Hari Sankaran and Ramachand Karunakaran also the close aides of the Partharasarathy, the release said.

Parthasarathy was produced before TNPID (Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Court, Chennai, after following due procedure and the court recorded the arrested and remanded him in judicial custody, the release added. In April this year, IL&FS had sold its entire stake in the waste management arm IL&FS Environmental Infrastructure and Services and its subsidiaries to EverEnviro Resource Management, an arm of the PE major Everstone Group.

In August 2019, the IL&FS was sent to the bankruptcy courts by the government and was placed under special management led by banker Uday Kotak.

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Former IL&FS Chairman Ravi Parthasarathy Arrested in Country’s Largest Financial Frauds

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