Case under money laundering Act
The Enforcement Directorate on Wednesday conducted searches in Mumbai in connection with alleged irregularities in Infrastructure Leasing and Financial Services (IL&FS).
It is learnt that the premises linked to four former senior functionaries of the IL&FS were searched.
The ED had carried out the first round of searches at six locations in the National Capital Region and Mumbai in February after registering a case under the money laundering Act, based on an FIR lodged by the Economic Offences Wing of the Delhi police.
The police are investigating a complaint by Ashish Begwani, a director with Enso Infrastructures. He has alleged that the then directors of IL&FS Transportation Networks approached him in mid-2010 with a business proposal. Enso Infrastructures made investments of ₹170 crore for taking over 15% of the shares of IL&FS Rail Ltd., a special purpose vehicle set up for the Gurgaon Metro project.
The company later found out that the funds were allegedly being diverted. It is alleged that IL&FS Rail Ltd. had issued bogus contract works to inflate expenses.
Source: Read Full Article