What Is IL&FS Case In Which Raj Thackeray Was Summoned By ED?

Maharashtra Navnirman Sena chief Raj Thackeray appeared before the Enforcement Directorate (ED) here on Thursday in response to the central agency's notice to him regarding a probe into IL&FS scam.

Raj Thackeray. PTI Photo

MUMBAI: Maharashtra Navnirman Sena chief Raj Thackeray appeared before the Enforcement Directorate (ED) here on Thursday in response to the central agency's notice to him regarding a probe into IL&FS scam. The MNS chief, responding to the summons, reported at the ED office around 11 a.m. Besides Thackeray, former Maharashtra chief minister and senior Shiv Sena leader Manohar Joshi's son Unmesh Joshi has also been summoned by the ED in the same case. Opposition parties, including the Congress and the NCP, have rallied behind Raj, terming the ED notice a vendetta politics by the ruling BJP. Raj had held several rallies ahead of the Lok Sabha elections targeting Prime Minister Narendra Modi and the BJP-led government in Maharashtra. He, however, had spared Sena from any direct criticism. He recently also met Congress leader Sonia Gandhi and West Bengal chief minister Mamata Banerjee to muster support for his demand that Electronic Voting Machines should not be used for polling. What Is IL&FS Case In Which Raj Thackeray Was Summoned By ED? 1 The ED has summoned Raj in a case pertaining to alleged irregularities related to Infrastructure Leasing and Financial Services (IL&FS) loan to Kohinoor CTNL. The ED is probing alleged irregularities relating to loans and equity investment worth over Rs 450 crore by IL&FS in Kohinoor CTNL Infrastructure Company, which is developing Kohinoor Square tower in Mumbai's Dadar area. 2: The firm was founded by former Maharashtra chief minister and Shiv Sena leader Manohar Joshi's son Unmesh, Raj Thackeray and Raj's close aide and builder Rajan Shirodkar to purchase and develop the land of the defunct Kohinoor Mill. Launched over a decade ago, Kohinoor CTNL was planning to buy the defunct Kohinoor Mills No. 3 for Rs 421 crore, in which the IL&FS had pumped in Rs 225 crore. 3: Suddenly, in 2008, the IL&FS reportedly backed out of the deal and surrendered its shares for only Rs 90 crore, suffering a huge loss. Subsequently, Thackeray too exited after selling his shares. 4: Later, the IL&FS extended loans to Kohinoor CTNL on which it defaulted. 5: In 2017, the company entered an agreement to sell some commercial and residential properties in the upcoming Kohinoor Square Towers to IL&FS to settle an outstanding of around Rs 500 crore in loans. Following this, IL&FS extended another Rs 100 crore to Kohinoor CTNL on which it defaulted. (With inputs from agencies)