The Enforcement Directorate charge sheet against IL&FS and the cabal which ran it gives the full scope and extent of the malfeasance and all-pervasive rot. Pertinently, it refers to the closed user group individually and by name and provides details on their conduct
The conclusion is that it was pretty much a circus with Ravi Parthasarthy as the ringmaster or even King as the rest of the crew played courtiers.
In what used to be a virtual command performance more or less every day, the courtiers used to play to the gallery and try and please the Emperor. The ED applying PMLA has indicted each and every member of the claque for contravention of the Money Laundering Act.
The scathing denouement of the modus operandi states The accused named in connivance and collusion with each other, indulged in initially locating and identifying dubious companies which claimed to have been engaged in infrastructure development and later issuing fictitious purchase orders for non-existent works. The forte of such companies lays only in providing accommodation entries in the form of bogus billing including bogus share capital and advancing unsecured loans to the beneficiary in lieu of commission or kickbacks.
The via media was the use of bogus entities being awarded bogus contracts and thereafter invoices were raised by those companies, layering was done through accounts and cash was taken and handed back.
This was a common thread in the work orders issued to these bogus companies, as nearly all the work orders were issued to either resettle the shopkeepers or for road repairs or possibly road widening and the accused collectively siphoned off Rs 7,400 crore.
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