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