By way of PTI
NEW DELHI: The Enforcement Directorate (ED) has seized Rs 360 crore value of fastened deposits of an organization of the Chennai-based Chettinad Staff after it carried out raids towards it and state public sector unit TANGEDCO, the company stated Thursday.
Ten places have been raided by way of the federal probe company on April 24 in reference to a cash laundering investigation connected to alleged “dishonest of the Tamil Nadu Era and Distribution Company (TANGEDCO) by way of claiming over the top bills for coal transportation from the Vishakhapatnam Port, which amounted to loads of crores.”
The ED case, filed underneath provisions of the Prevention of Cash Laundering Act (PMLA), stems from an FIR of the Tamil Nadu Directorate of vigilance and anti-corruption.
Searches have been performed by way of the ED at 10 premises of South India Company (SIC), a bunch corporate of the Chettinad Staff, TANGEDCO, a former director (coal) of TANGEDCO, some executive officers and key control workforce of SIC and Western Companies (Madras) Pvt.Ltd.
Incriminating paperwork, together with virtual proof and assets papers, have been seized excluding the seizure of Rs 360 crore value of fastened deposits within the accounts of South India Company, the ED stated.
The ED alleged that the “loss” to TANGEDCO took place between 2001 and 2019, in connivance with officers of the state PSU.
“The preliminary gentle awarded for 6 months used to be prolonged for 19 years in accordance with an injunction petition filed by way of some of the comparable events,” it stated.
The about 100-year-old Chettinad Staff has pursuits in quite a lot of sectors comparable to cement production, logistics and development.
The Source of revenue Tax division searched the corporate in December 2020 and claimed to have detected tax evasion of greater than Rs 700 crore.
The Central Board of Direct Taxes (CBDT), the executive authority for the I-T division, issued a remark on this regard and claimed to have seized “unaccounted” money of Rs 23 crore throughout those searches.
NEW DELHI: The Enforcement Directorate (ED) has seized Rs 360 crore value of fastened deposits of an organization of the Chennai-based Chettinad Staff after it carried out raids towards it and state public sector unit TANGEDCO, the company stated Thursday.
Ten places have been raided by way of the federal probe company on April 24 in reference to a cash laundering investigation connected to alleged “dishonest of the Tamil Nadu Era and Distribution Company (TANGEDCO) by way of claiming over the top bills for coal transportation from the Vishakhapatnam Port, which amounted to loads of crores.”
The ED case, filed underneath provisions of the Prevention of Cash Laundering Act (PMLA), stems from an FIR of the Tamil Nadu Directorate of vigilance and anti-corruption.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );
Searches have been performed by way of the ED at 10 premises of South India Company (SIC), a bunch corporate of the Chettinad Staff, TANGEDCO, a former director (coal) of TANGEDCO, some executive officers and key control workforce of SIC and Western Companies (Madras) Pvt.Ltd.
Incriminating paperwork, together with virtual proof and assets papers, have been seized excluding the seizure of Rs 360 crore value of fastened deposits within the accounts of South India Company, the ED stated.
The ED alleged that the “loss” to TANGEDCO took place between 2001 and 2019, in connivance with officers of the state PSU.
“The preliminary gentle awarded for 6 months used to be prolonged for 19 years in accordance with an injunction petition filed by way of some of the comparable events,” it stated.
The about 100-year-old Chettinad Staff has pursuits in quite a lot of sectors comparable to cement production, logistics and development.
The Source of revenue Tax division searched the corporate in December 2020 and claimed to have detected tax evasion of greater than Rs 700 crore.
The Central Board of Direct Taxes (CBDT), the executive authority for the I-T division, issued a remark on this regard and claimed to have seized “unaccounted” money of Rs 23 crore throughout those searches.