Summary:
Chennai: The Economic Offences Wing (EOW) of Chennai Police has arrested Ravi Parthasarathy the former chairman of Infrastructure Leasing & Financial Services Limited (IL&FS) Group in the Rs 1 lakh crore scam which triggered a liquidity crisis in the financial services market in 2018. “The accused Ravi Parthasarathy is the former Chairman and Managing Director of the entire IL&FS Group. The IL&FS Group which consists of more than 350 group companies was used as a vehicle to perpetrate fraud by then management of IL&FS Group which was headed by the then chairman and MD-CEO Ravi Parthasarathy” EOW added. The scam at IL&FS came to light in 2018 after several group entities defaulted on repayments due to severe liquidity problems. Later the government superseded the board of directors which is now working on ways to revive the ailing group..