In the IL&FS fraud investigation case the Enforcement Directorate (ED) will attach assets of ABG Shipyard, SKIL Group and five other real estate developers.
The agency is planning to attach assets worth Rs 2,000 crore belonging to these companies, including Parsvnath Developers and Unitech, sources told FE. The ED is also working on filing a chargesheet on money laundering cases involving IL&FS Transport Networks (ITNL).
“The ED is going after all the defaulters related to IL&FS Financial Services (IFIN) in phases. Over the next three to four months, the agency will file attachments and chargesheets in these cases – for ABG Shipyard and Nikhil Gandhi’s SKIL Group. There are also real estate developers, some Delhi-based ones, who are involved in money laundering,” a person aware of the developments told FE.
The move follows the complaint filed by the ED earlier this month against the IFIN and the former management of IL&FS group including Ravi Parthasarathy, Ramesh Bawa, Hari Sankaran for money laundering as defined under the Prevention of Money Laundering Act. The complaint also named C Sivasankaran, chairman, Siva Group, stating that he “connived with the top management of IFIN and received wrongful gain in the form of a loan from the IFIN with intention to not repay the same.”
The investigative agency is also working on filing a chargesheet for money laundering cases involving IL&FS Transport Networks (ITNL), the roads and highway construction vertical of the group. “Filing the complaint on ITNL will take some time – around six to nine months, as investigations are still ongoing,” the source said.
The ED’s chargesheet on IFIN stated that “investigation so far has further revealed that in March 2018, the committee of directors sanctioned and disbursed loans to the tune of Rs 2,270 crore to various third parties for further financing to ITNL, as RBI had issued injunction in November 2017 directing IFIN not to finance any more to its group companies. Hence the said Rs 2,270 [crore] was also sanctioned and disbursed by committing Scheduled offence, as also mentioned in the charge sheet filed by SFIO, hence the entire amount of RS 2,270 [crore] also constitute proceeds of crime.”
The financial affairs of the IL&FS group came into scrutiny last year after the group defaulted on short-term and long-term debt obligations to the tune of Rs 91,000 crore. In May, the Serious Fraud Investigations Office (SFIO) had filed a complaint against former management of the IL&FS group.