ED searches in Chennai linked to officials of TANGEDCO, SIC lead to recovery of Rs 360 crore

The probe was initiated based on an FIR by the Directorate of Vigilance and Anti-Corruption, Chennai against cheating TANGEDCO by “claiming excessive payments for coal transportation... which amount to hundreds of crores”.

ED searches in Chennai linked to officials of Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and the South India Corporation (SIC), a group company of the Chettinad Group, lead to recovery of Rs 360 crore. (Representational image via Unsplash)

Listen to this article

00:00

1x 1.5x 1.8x

The Enforcement Directorate (ED) Thursday said it searched 10 locations in Chennai linked to officials of the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and the South India Corporation (SIC), a group company of the Chettinad Group, on April 24. The searches led to the recovery of Rs 360 crore, besides crucial documents, it added.

According to officials, the search locations included the premises of the former director of coal-TANGEDCO, government officials as well as key management personnel of SIC and Western Agencies (Madras) Private Limited.

“During the search, incriminating documents including digital evidence and property documents were seized. The search also led to the recovery of Rs 360 crore lying as fixed deposits in the accounts of South India Corporation, which also have been seized,” a statement issued by the ED noted, adding that further investigation is on.

Story continues below this ad

The investigation was initiated based on an FIR registered by the Directorate of Vigilance and Anti-Corruption, Chennai against cheating the Tamil Nadu government’s public sector undertaking by “claiming excessive payments for coal transportation from the Visakhapatnam port, which amount to hundreds of crores”, officials said.

The ED’s statement added that this loss to TANGEDCO occurred between 2011 and 2019 in connivance with the PSU’s officials. It was said that the initial tender awarded for six months was extended for 19 years based on an injunction filed by one of the related parties.

Stay updated with the latest - Click here to follow us on Instagram

Tags:
Chennai

Loading Taboola...

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities3 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

View all shorts

Live Blog