The Economic Offences Wing (EOW) of Delhi Police has solved a case of criminal misappropriation and forgery of approximately Rs. 70 crores by Director of IL&FS Rail Ltd with the arrest of one accused. Additional Commissioner of Police OP Mishra on Monday informing the same said, "A case of criminal misappropriation and forgery of approximately Rs. 70 crores by Director of IL&FS Rail Ltd has been solved with the arrest of one accused."
He also informed that a case of criminal misappropriation of Rs 4.10 crores from the Ministry of New and Renewable Energy by director/promoter and shareholder of Pragat Akshay Urja and Sai Guru Mega Solar Park Ltd has been solved with the arrest of two directors.
Tightening its noose in the IL&FS (Infrastructure Leasing and Financial Services) case, the Enforcement Directorate (ED) on December 11 carried out searches at over 12 locations in Madhya Pradesh and Chhattisgarh. A senior ED official said that the central financial probe agency was carrying out searches at 12 locations in Madhya Pradesh and Chhattisgarh on the premises linked to the defaulter company. The official said that the defaulter company received amount to the tune of Rs 111.29 crore in its bank account. The official, however, refused to share the names of the people whose premises were raided.
The ED had registered a case of money laundering under various sections of the Prevention of Money Laundering Act on the basis of a case filed by the Delhi Police's Economic Offence Wing (EOW) in February this year. The Delhi Police had filed a case under several sections of the Indian Penal Code for criminal conspiracy and forgery on the complaint of Ashish Begwani, Director of New Delhi-based Enso Infrastructures.
Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few quarters due to insufficient funds. The group's total debt stood at over Rs. 90,000 crores as of October 2018. The company reported a net loss of Rs. 22,527 crores in FY19. Total revenue for FY19 was Rs. 824 crore, against Rs. 1734 crore in the previous year. Interest income for the year was Rs. 519.85 crores, halving from Rs. 1019.3 crores in FY18. In October 2018, the government had appointed Uday Kotak-led board to find a resolution plan for the debt-ridden company.