Court Grants Police 3-Day Custody Of Former IL&FS Chairman

Ravi Parthasarathy had allegedly presented rosy financial statements before the common investors and floated deposit schemes in the nature of non-convertible bonds, offering better rate of interest and promising better return.

A special Court has granted police three-day custody of Ravi Parthasarathy, former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS), who was arrested by the Economic Offences Wing. Special Judge M Jothiraman of the court, constituted under the "Tamil Nadu Protection of Interest of Depositors Act", ordered the police custody while passing orders on a petition from the Deputy Superintendent of Police (DSP), Economic Offences Wing-II in Guindy, on June 16. According to a complaint from 63 Moons Technologies Limited and others against the Infrastructure Transport Networks India (ITNL) and 21 others, they had purchased non-convertible debentures for several crores of rupees. Ravi Parthasarathy, with the help of other accused, presented rosy financial statements before the common investors, including the complainant and floated deposit schemes in the nature of non-convertible bonds, offering better rate of interest and promising better return.