Chennai: The Enforcement Directorate (ED) on Monday said it has arrested the current and former chief financial officers (CFOs) of Chennai-based First Leasing Company of India Ltd (FLCIL) in a bank fraud case. “ED arrests S. Dilliraj and L.Sivaramakrishnan, current and former CFOs of M/s First Leasing Company of India Ltd, in a bank fraud case,” said a tweet from the official Twitter handle of the ED. The ED had arrested the company’s former managing director Farouk Irani, under the provisions of the Prevention of Money Laundering Act in an alleged bank loan fraud case of about Rs.500crore, in June this year. Both Irani and Muthiah resigned from the company’s board of directors in 2013 after a fallout over the company’s balance sheet and audit report. Last October, a case of cheating against the company based on complaints by the lending banks was registered by the CBI.

Source: Mint August 01, 2016 14:37 UTC