Ravi Parthasarathy, the previous chief of debt-ridden lender IL&FS, has been arrested in Chennai, officers have mentioned.
He was named in a grievance to Chennai’s Economic Offence Wing by some traders for allegedly dishonest them.
The First Information Report (FIR) was filed in September final 12 months by Chennai-based 63 Moons Technologies Ltd. The firm alleged it has been cheated of Rs 200 crore by IL&FS. Some traders additionally filed a grievance.
Mr Parthasarathy left Infrastructure Leasing and Financial Services Ltd (IL&FS) in June 2018 after working with the corporate for over 30 years.
An enormous monetary disaster in IL&FS in 2018 had shaken the markets. When the disaster grew to become identified, IL&FS had infrastructure and monetary belongings value greater than Rs 1.15 lakh crore. The authorities had mentioned the corporate’s money owed had been the results of mismanaged borrowings up to now.
IL&FS and its subsidiaries had a complete debt pile of practically Rs 91,000 crore.
The authorities then took over as debt defaults by the infrastructure group led to fears of contagion within the markets and a liquidity disaster.