Ex-Chief Of Debt-Ridden IL&FS Arrested Over Complaint By Investors en

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IL&FS and its subsidiaries had a total debt pile of nearly Rs 91,000 crore when crisis hit

Ravi Parthasarathy, the former chief of debt-ridden lender IL&FS, has been arrested in Chennai, officials have said.

He was named in a complaint to Chennai’s Economic Offence Wing by some investors for allegedly cheating them.

The First Information Report (FIR) was filed in September last year by Chennai-based 63 Moons Technologies Ltd. The company alleged it has been cheated of Rs 200 crore by IL&FS. Some investors also filed a complaint.

Mr Parthasarathy left Infrastructure Leasing and Financial Services Ltd (IL&FS) in June 2018 after working with the company for over 30 years.

A massive financial crisis in IL&FS in 2018 had shaken the markets. When the crisis became known, IL&FS had infrastructure and financial assets worth more than Rs 1.15 lakh crore. The government had said the company’s debts were the result of mismanaged borrowings in the past.

The government then took over as debt defaults by the infrastructure group led to fears of contagion in the markets and a liquidity crisis.

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Keywords:

Ravi Parthasarathy,Infrastructure Leasing & Financial Services,Crore,Chennai,Ravi Parthasarathy, Infrastructure Leasing & Financial Services, Crore, Chennai,,

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