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IL&FS Rail Ltd siphon off Rs 70 crore, FIR registered


Devdiscourse News Desk new delhi Last Updated at 07-12-2018 23:27:08 IST India
IL&FS Rail Ltd siphon off Rs 70 crore, FIR registered
  • According to the complaint, in May 2018, Begwani came across copies of demand notices served by the Income Tax Department upon IL&FS Rail Ltd. (Image Credit: Twitter)

An FIR has been registered against officials of IL&FS Rail Ltd for allegedly syphoning off Rs 70 crore invested in it by another company, police said Friday.

According to the economic offences wing (EOW) of Delhi Police, an FIR was lodged against officials of the company under various sections of the IPC for alleged offences of criminal conspiracy, using as genuine a forged document and forgery of a valuable security on a complaint by Ashish Begwani, Director of Enso Infrastructures (P) Ltd.

Deputy Commissioner of Police (EOW) Varsha Sharma said Begwani has alleged in his complaint that in August 2010, he was approached by two officials of IL&FS Transportation Networks Ltd and he had invested Rs 170 crore in IL&FS Rail Ltd, a special purpose vehicle for Gurgaon Metro project, in order to take its 15 per cent shares.

"However, over a period of time, complainant observed that the company is not performing profitably and funds are being misused," Sharma said.

According to the complaint, in May 2018, Begwani came across copies of demand notices served by the Income Tax Department upon IL&FS Rail Ltd.

"Deputy Commissioner of Income Tax, Gurugram had passed assessment orders concluding that IL&FS Rail Ltd had issued bogus contract orders to Silverpoint Infratech Ltd when in fact no work was executed by this company," the police has claimed.

The police said the complainant has also alleged that directors of IL&FS Rail Ltd and other officers of the company had intentionally syphoned off the funds to the tune of Rs about 70 crores, causing a loss to his firm.

(With inputs from agencies.)

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Delhi Police

COUNTRY : India

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