Chennai: The Central Bureau of Investigation (CBI) has alleged that V K Sasikala, close aide of late Tamil Nadu Chief Minister Jayalalithaa, purchased a sugar factory in Kancheepuram for Rs. 450 crore in an all-cash deal during the period of demonetisation. The allegations have come up in an FIR filed as part of an ongoing probe into a suspected bank fraud case involving Padmaadevi Sugars Ltd, reported The Times of India.
According to the CBI, directors of Padmaadevi Sugars Ltd are accused of cheating the Indian Overseas Bank (IOB) to the tune of Rs. 120 crore. CBI’s Banking, Securities and Fraud branch in Bengaluru is investigating the case initiated following directions from Madras HC. A case was filed in July. In Aug, CBI teams carried out searches in Chennai, Trichy, and Tenkasi.
The FIR also refers to a 2020 order of the Income Tax Department, which stated that incriminating documents and loose sheets were seized during searches at properties linked to Sasikala and others in November 2017 under the Benami Transactions Act. These documents reportedly showed a cash payment of Rs. 450 crore during demonetisation to buy the mill belonging to the Patel Group.
IOB, citing the income tax findings, later declared the loan accounts of Padmaadevi Sugars Ltd as fraudulent, leading to the current CBI investigation.
