ED attaches Properties

The Enforcement Directorate (ED) has provisionally attached assets worth over Rs 298 crore belonging to South India Corporation Pvt Ltd. (SICPL), a subsidiary of the Chettinad Group, as part of an investigation into a significant money laundering case. This action stems from a complaint by the Directorate of Vigilance and Anti-Corruption (DVAC) against former officials of Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and SICPL, alleging excessive claims for coal transport from Visakhapatnam port between 2001 and 2019. The ED's findings indicate a financial discrepancy of Rs 908.79 crore, constituting a loss to TANGEDCO and an undue gain to SICPL. Previously, the ED had frozen Rs 358.20 crore in fixed deposits linked to SICPL, and searches were conducted at various premises related to the case. The investigation continues as the ED examines further transactions and potential misconduct surrounding the alleged scam. This case highlights ongoing concerns regarding corruption and financial mismanagement in public sector contracts.