ED will now look into the evidence of money laundering by the officials and find money trails related to the official's account.
The Enforcement Directorate (ED) has made two arrests in the IL&FS case, taking into custody former joint managing director of IL&FS Financial Services Arun K Saha and Managing Director of IL&FS Transportation Network, K Ramchand. The duo have been arrested under the Prevention of Money Laundering Act (PMLA).
The economic intelligence agency will investigate alleged money laundering by these officials and will unearth money trails routed through their accounts. The ED has sought 14 days judicial custody of both accused.
In this episode of Editor's Take, Moneycontrol's M Saraswathy gets in conversation with Corporate Bureau Chief Prince Thomas to get all the major developments in the case.