Ed Attaches, More Than Rs 298-cr Assets, Chettinad Group Company, Chennai – Amar Ujala Hindi News Live

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ED attaches, MORE THAN Rs 298-cr assets, Chettinad group company, CHENNAI

Enforcement Directorate
– Photo: ANI

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The Enforcement Directorate on Saturday attached assets worth more than Rs 298 crore of a Chennai-based Chettinad Group company as part of a money laundering investigation. Giving information, the ED said that this attachment has been done in a case registered under the Prevention of Money Laundering Act (PMLA). Which is based on a complaint by the Directorate of Vigilance and Anti-Corruption (DVAC).

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The complaint was filed against former officials of Tamil Nadu Generation and Distribution Corporation (TANGEDCO), Chennai and South India Corporation Private Limited (SICPL). The case relates to corruption in the contract for handling coal at Visakhapatnam port during transportation through rail-sea-rail route in 2001.

Giving the information, the official said that SICPL paid an amount of Rs 217.31 crore as levy to Visakhapatnam Port Trust for the period between 2011-12 and 2018-19, while TANGEDCO paid an amount of Rs 1,126.10 crore to SICPL as reimbursement of levy.

ED said that thus there is a difference of Rs 908.79 crore between the amounts. A provisional order has been issued to confiscate the property worth Rs 298.21 crore of Chettinad Group company SICPL.

Last year, FDs worth Rs 360 crore were seized

In April last year, the ED had also raided 10 places in Chennai related to Tamil Nadu Production and Distribution Corporation (TANGEDCO) officials and others. According to the ED, during the search, various incriminating documents, digital evidence, property documents and Rs 360 crore lying as fixed deposits in the accounts of the South Indian Corporation were seized. The federal investigation agency had carried out this action in connection with the money laundering investigation related to the alleged fraud of Tamil Nadu Production and Distribution Corporation (TANZCO) by claiming excessive payment for transporting coal from Visakhapatnam port.