The Enforcement Directorate has arrested two former executives in connection with its money laundering probe in the Infrastructure Leasing and Financial Services Ltd (IL&FS) alleged financial irregularities case. Officials said former joint MD of the company Arun K Saha and MD of transportation network K Ramchand were arrested late last evening in Mumbai under the Prevention of Money Laundering Act (PMLA).These are the first arrests in this case by the Enforcement Directorate.
They said the two will be produced before a special PMLA court in Mumbai today. IL&FS has defaulted on payment of loans to SIDBI and along with its subsidiaries has a combined debt of over 91,000 crore rupees.
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