The money laundering probe into the alleged financial irregularities at IL&FS was launched by the ED in 2019 The money laundering probe into the alleged financial irregularities at IL&FS was launched by the ED in 2019 The money laundering probe into the alleged financial irregularities at IL&FS was launched by the ED in 2019 The Enforcement Directorate (ED) has summoned Maharashtra Nationalist Congress Party (NCP) President and MLA Jayant Patil in connection with a case pertaining to alleged financial irregularities in the now bankrupt Infrastructure Leasing & Financial Services (IL&FS). The 61-year-old MLA from Islampur seat of Maharashtra has been asked to appear before the probe agency on May 12 (Friday).
The ED had initiated the money laundering probe into the alleged financial irregularities at IL&FS in 2019. In the same case, Raj Thackeray from NS had been summoned and questioned by ED in loans given to Kohinoor construction.
The investigation pertains to alleged irregularities in IL&FS Group's loan and equity investment in Kohinoor CTNL, which is one of the defaulters. Kohinoor CTNL is developing the Kohinoor Square tower in Dadar (West), according to news agency ANI.
Case against IL&FS
The money laundering probe into the alleged financial irregularities at IL&FS was launched by the ED in 2019 on the basis of FIR filed by Economic Offences Wing (EOW), Delhi and a complaint filed by SFIO, Mumbai against ILFS Group of Companies and their key managerial personnel.
Various premises of some four organisations including Deloitte and KPMG were searched by ED officials on Wednesday. In the same case, ED had summoned and recorded statement of MNS Chief Raj Thackeray in August 2019.
The agency had also attached assets of various entities in this case in the past.
Audit firms of IL&FS under radar
As the ED investigation took place, it was revealed that statutory audit of IL&FS Financial Services Ltd (IFIN), Group Company of ILFS Group, has been made by Deloitte Haskins & Sells LLP for the period from FY 2008-09 to 2017-18 and by BSR & Associates for the period from FY 2017-18.
Udayan Sen (CA) and Kalpesh Mehta (CA) were the engagement partners of Deloitte Haskins & Sells LLP and N Ganesh Sampath was the engagement partner of BSR & Associates.
M/s Deloitte Haskins & Sells LLP and M/s BSR & Associates LLP were appointed by IFIN to make statutory audit of IFIN and to identify errors, omissions and irregularities in books of accounts of company and to ensure financial statements of the company are in compliant with widely accepted accounting rules.