New Delhi: The Enforcement Directorate (ED) on Wednesday conducted searches at multiple locations in connection with the IL&FS payment default crisis, officials said.

The central probe agency registered a case under the Prevention of Money Laundering Act (PMLA) in the alleged payment default case, and raids were being conducted against executives linked to IL&FS, they added.

The raids are on in Mumbai and locations in Delhi-NCR.

IL&FS has defaulted on payment of loans to SIDBI, and along with its subsidiaries has a combined debt of over 91,000 crore. The debt crisis at the infrastructure lender came to light following a series of defaults by its group companies beginning September 2018. IL&FS is sitting on a debt pile of about 91,000 crore.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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