ED files first chargesheet in IL&FS case, attaches property worth Rs 570 crore under PMLA

Enforcement Directorate (ED) on Friday filed its chargesheet, against Infrastructure Leasing & Financial Services (IL&FS) under provisions of Prevention of Money Laundering Act (PMLA) before a special court in Mumbai. It filed chargeseet against members of Committee of Directors of IL&FS Financial Services Ltd (IFIN) Ravi Parthasarathy, Ramesh Bawa, Hari Sankaram, Arun Saha and Ramchand Karunakaran. ncy released a statement on ongoing probe in  Infrastructure Leasing and Financial Services Ltd case.

statement said that it has provisionally attached bank accounts and immovable properties (residential and commercial premises) situated at Delhi, Mumbai, Chennai and Brussels (Belgium) held by m.  ED also attached various bank accounts and immovable properties held indirectly by Sivashankaran in name of his family members and Group companies, under Prevention of Money Laundering Act, 2002.  ED said that total value of provisionally attached properties is approximately worth Rs 570 Crore.

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ED cracks modus operandi of senior manment

ED ted that various members of senior manment of ILFS Group h indulged in several commissions and omissions which led to illegal personal gains at expense of company. y indulged in criminal conspiracy with each or and promoters of various private entities and committed 'flagrant violations to prudent and established rms' by sanctioning and doling out large amounts of loans to companies which were under financial stress and h previously defaulted on loans taken from IFIN. y also falsified accounts and have indulged in 'circuitous transactions to artificially boost ir balance sheet' despite actions causing more losses to company. Through this method, y acted in criminal conspiracy with Sivashankaran and financed various companies of M/s Siva Group out of which Rs 494 Cr has been outstanding

During Financial years 2015-16 to 2017-18, financials of IFIN were showing a negative trend, however,  Performance-related pay, deputation cost, and commission of senior members of manment increased significantly. ED also found that shares of ILFS Limited were transferred to Employee Welfare Trust (EWT) at a very concessional rate. Trust sold IL&FS shares, to various entities outside group at a huge premium. amount received was disbursed among employees and senior manment kept a huge part of it, despite Trust being operationally in a loss. 

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