The Enforcement Directorate provisionally attached assets worth Rs 298 crore of South India Corporation Ltd under PMLA 2002 due to undue gains from TANGEDCO, leading to ongoing investigations.
The Enforcement Directorate (ED) has provisionally attached assets worth Rs 298 crore of South India Corporation Ltd. (SICPL), a subsidiary of the Chettinad Group, under the Prevention of Money Laundering Act (PMLA) 2002. The action follows an FIR involving former officials of Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and SICPL. The ED's investigation revealed that SICPL received an undue gain of approximately Rs 908.79 crore from 2011-12 to 2018-19, leading to a loss for TANGEDCO. Searches in SICPL premises in April 2023 led to the freezing of Rs 358.20 crore held in fixed deposits, and further investigations are ongoing.
July 27, 2024
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