Home Scam/Fraud Chennai EOW arrests Ravi Parthasarathy, kingpin of Rs 1 lakh cr fraud

Chennai EOW arrests Ravi Parthasarathy, kingpin of Rs 1 lakh cr fraud

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The Economic Offences Wing (EOW) of Chennai Police said on Friday that it has arrested Ravi Parthasarathy, the former Chairman of Infrastructure Leasing & Financial Services (IL&FS) Group, in the Rs 1 lakh crore scam, which triggered a liquidity crisis in the financial services market in 2018.

EOW DSP Prakash Babu confirmed to IANS that Parthasarthy has been arrested and taken into police custody for 15 days. He added that his bail hearing will come up for hearing on Monday.

Parthasarthy, the kingpin, mastermind and chief architect of the Rs 1 lakh crore IL&FS scam, has been arrested by the EOW in connection with Crime No. 13 of 2020, dated September 20, 2020, the EOW of Chennai Police said in a statement.

“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…

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