Updated: October 22, 2021 11:54:45 am
The Directorate of Vigilance and Anti-Corruption has registered a disproportionate assets case against R Elangovan (57), the chairman of the Tamil Nadu State Apex Co-operative Bank and his son Praveen Kumar (27), the vice-chairman of Swamy Ayyapan Educational Trust.
Since early on Friday, searches were being carried out at 27 locations in Salem, Tiruchirappalli, Chennai and other areas.
According to the FIR registered by the Salem unit of DVAC, Elangovan, who was elected as the chairman of the Tamil Nadu State Apex Co-operative Bank and president of Salem District Central Cooperative Bank twice in 2013 and 2018, has amassed illegal assets worth Rs 3.78 crore.
It added that by virtue of his official positions and his close associations with top politicians, Elangovan “enriched himself illicitly and was in possession of pecuniary resources and assets disproportionate” to the known sources of his income, in his name as well as in the name of his son.
“Elangovan and his dependents had likely savings around Rs 1,52,65,540,00 during the check period between 01.04.2014 and 31.03.2020 and the pecuniary resources and assets acquired by him should have not exceeded Rs 1,52,65,540,00. However, he acquired assets worth Rs 3,78,31,755,00 in excess in his name and in the name of his dependents. This amount of Rs 3,78,31,755,00 worked out to be 131 per cent out of their total income. It is suspected that A-1 and A-2 have acquired many more assets and kept in the name of benamis in various places in and around Tamil Nadu and outside,” the FIR read.
Further, it was noted that the officials have information that Elangovan and his son have invested large amounts of money they earned via illegal means in colleges and institutions run by Swamy Ayyapan Educational Trust, Musiri,Trichy district, the FIR stated.
A case was registered against the duo under multiple sections of the Prevention of Corruption Act, 1988, and various sections of the Indian Penal Code.
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