The Enforcement Directorate on Wednesday conducted searches at multiple locations in connection with the Infrastructure Leasing & Financial Services payment default crisis, officials said.
They said the central probe agency has registered a case under the Prevention of Money Laundering Act in the alleged payment default case and raids were being conducted against executives linked to the IL&FS. The raids are on in Mumbai and locations in Delhi-NCR, they said.
IL&FS has defaulted on payment of loans to Small Industries Development Bank of India. The infrastructure lender, along with its subsidiaries, has a combined debt of over Rs 91,000 crore. The debt crisis came to light following a series of defaults by its group companies beginning Sep. 2018.
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