On June 11, the Economic Offences Wing (EOW) of Chennai police detained Ravi Parthasarathy, the former group chairman of Infrastructure Leasing & Financial Services (IL&FS), in relation to the suspected 1 lakh crore fraud which led to a liquidity crisis in financial services market in 2018.

“The kingpin and the mastermind of the 1 lakh crore IL&FS scam Mr. Ravi Parthasarathy have been arrested by EOW in connection with Crime No.13 of 2020 dated 20.09.2020,” said a statement issued by EOW Chennai.

According to the statement, the IL&FS group, which encompasses around 350 companies was manipulated as a “vehicle to perpetrate fraud” by then-management of the group, spearheaded by then-chairman and MD CEO Ravi Parthasarathy.

The FIR was filed in response to a complaint put forward by 63 Moons Technologies Ltd, which claimed to have lost ₹ 200 crore, according to EOW Chennai. The statement also sheds light on complaints by several other depositors.

The…

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