November 29, 2022

Former IL&FS Chairman Ravi Parthasarathy is the seventh accused within the case.


A particular Court has granted police three-day custody of Ravi Parthasarathy, former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS), who was arrested by the Economic Offences Wing.

Special Judge M Jothiraman of the courtroom, constituted below the “Tamil Nadu Protection of Interest of Depositors Act”, ordered the police custody whereas passing orders on a petition from the Deputy Superintendent of Police (DSP), Economic Offences Wing-II in Guindy, on June 16.

According to a grievance from 63 Moons Technologies Limited and others towards the Infrastructure Transport Networks India (ITNL) and 21 others, they’d bought non-convertible debentures for a number of crores of rupees.

Ravi Parthasarathy, with the assistance of different accused, introduced rosy monetary statements earlier than the widespread traders, together with the complainant and floated deposit schemes within the nature of non-convertible bonds, providing higher charge of curiosity and promising higher return.

But the accused didn’t return the cash deposited by the complainant and it was alleged that they’d siphoned off crores of rupees.

Mr Parthasarathy is the seventh accused within the case. He was arrested on June 9 and produced earlier than the Special courtroom on June 10 and was remanded in judicial custody until June 24.

And now, the DSP moved the courtroom once more for his custody for interrogation.

The presiding officer famous that Mr Parthasarathy was not subjected to police interrogation. The information present that greater than 20 individuals are concerned within the case. It needs to be investigated who’re all concerned within the prevalence.

The petitioner DSP had deposed that the accused needs to be interrogated with respect to the info that are recognized to him and to establish the properties obtained illegally.

The investigation on this case is on the preliminary stage.

The nature of the case completely requires the custodial interrogation of the accused for an efficient, correct and deep investigation by the police.

The circumstances and nature of the case reveals that with out custodial interrogation of the accused, the probe can’t be accomplished successfully by the police.

“Hence, considering the nature, gravity, seriousness and magnitude of the case, this court is of the view that police custody has to be ordered in the interest of justice in order to facilitate the Investigating Agency to effectively investigate the case further,” the decide mentioned and ordered the custody for 3 days from June 16.

The accused must be returned to judicial custody on June 19.

During the course of interrogation, Mr Parthasarathy must be handled with human dignity and shall not be subjected to any ill-treatment or harassment through the interval of police custody, the decide added.

Ravi Parthasarathy is the previous chairman of IL&FS group and non-independent director of ITNL.

(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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