IL&FS founder Ravi Parthasarathy arrested | Economic Times

Ravi Parthasarathy, the former chief executive and chairman of debt-ridden Infrastructure Leasing & Financial Services Ltd (IL&FS), has been arrested by the Chennai police in connection with a cheating and fraud case registered by its Economic Offences Wing (EOW).Multiple agencies, including the Directorate of Enforcement (ED), the Serious Fraud Investigation Office (SFIO) and Delhi police, have been investigating IL&FS and its erstwhile board for alleged financial fraud.The Chennai police said in a press note that the EOW registered the case based on a complaint by financial services company 63 Moons Technologies Ltd, which had alleged a fraud worth ₹200 crore.The EOW also received complaints from various other depositors. The arrest came after the Madras High Court dismissed Parthasarathy’s anticipatory bail plea. He has been remanded in judicial custody.