IL&FS money laundering case: Bail denied to 2 former officials

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A special court in Mumbai denied bail on Tuesday to two former executives who were arrested in connection with the IL&FS financial irregularities case. The Enforcement Directorate is probing the case. The former joint MD of the company, Arun K Saha and MD of transportation network K Ramchant were arrested in June. They sought bail on the ground that ED had failed to file the charge sheet in the deadline.

For those unversed, the probe agency has to file a charge sheet within 60 days of the arrest. ED lawyer Sunil Gonsalves asserted that the complaint was submitted on Friday which was well within the stipulated time but it was stuck in administration. He told the court that even if the documents were not annexed to the complaint with the registry, it doesn't entitle the accused to get bail. The ED's submission was accepted by Special Judge Prashant P Rajvaidya and he denied bail to Saha and Ramchand.

The central agency had filed a money laundering case in February 2019 and raided a number of former executives twice so that they could get some additional evidence. The debt crisis at the infrastructure lender came to light after a series of defaults which began in September 2018.

(with inputs from PTI)

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Edited by mid-day online desk with inputs from Agencies