EOW arrests IL and FS ex-MD Parthasarathy
The Economic Offences Wing sleuths arrested former Managing Director of Mumbai-based IL&FS Transportation Network Ltd (ITNL) for cheating a city-based firm to the tune of Rs 200 crore.
The accused, Ravi Parthasarathy, was arrested on Wednesday in Mumbai and brought to Chennai after his anticipatory bail was rejected in the Madras High Court and remanded in judicial custody. The EOW police had already arrested ITNL’s former Managing Director Ramchand Karunakaran and former vice-chairman as well as director Hari Sankaran in Mumbai on January 27. The complainant, Moons Technology Ltd, had alleged that they invested Rs 200 crore in ITNL between 2014 and 2015, but the latter defaulted on its promises in 2018.