ED seizes Rs 360 crore from Chennai-based Chettinad group
In operations against the Chettinad Group company and state public sector entity TANGEDCO, the Enforcement Directorate (ED) confiscated fixed deposits worth Rs 360 crore. The announcement of seizing the whopping amount came on Thursday. In addition to the fixed deposits worth Rs 360 crore found in the accounts of South India Corporation, the ED reported the seizure of other incriminating documents, including digital evidence and property papers.
On April 24, ten locations were searched as part of a federal investigation into money laundering that was allegedly tied to “cheating of the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) by claiming excessive payments for coal transportation from the Vishakhapatnam Port, which amounted to hundreds of crores,” reported The News Indian Express.
An FIR from the Tamil Nadu Directorate of Vigilance and Anti-Corruption is the basis for the ED case, which was filed in accordance with the Prevention of Money Laundering Act’s (PMLA) requirements. The “loss” to TANGEDCO, according to the ED, was committed between 2001 and 2019 with the help of state PSU officials.
The Chettinad Group, TANGEDCO, a former director of TANGEDCO, several government officials, and key management people of SIC and Western Agencies Pvt.Ltd. were among the targets of searches by the ED at ten of their locations.
Meanwhile, in December 2020, the Income Tax authorities conducted a check of the business and reported finding evidence of more than Rs 700 crore in tax evasion.
