38.6c New Delhi, India, Saturday, April 20, 2024
Judiciary

Sasikala Advanced A Loan Of ₹237 Crore In Illegal Tender To A Government Contractor Using Demonetised Notes: IT Dept

By LawStreet News Network      24 December, 2019 04:12 PM      0 Comments

A close adjutant to the former Chief Minister Jayalalithaa, V.K. Sasikala advanced a loan of ₹237 crore in illegal tender to a government contractor. Documents have been accessed proving the same along with documents revealing that he had purchased assets worth ₹1674.50crore using demonetised currency notes.

According to IT sleuths, a search was conducted on the premises of AIADMK organ “Namadhu MGR”, marketed by Jaya Publications, on November 9,2017, led to the seizure of a loose sheet of paper revealing handwritten notes of transactions between various persons. 

When the firm’s manager Balaji was asked, he said that the loose sheet belonged to V.S. Sivakumar, who was a close relative ofSasikala. He added that:

Mr. Sivakumar was the director of Harichandana Estate at T. Nagar in Chennai and that the latter used to visit the Namadhu MGR office at Ekkattuthangal frequently and check the accounts.”

Post this, it was found out that the first entry in the loose sheet pertained to a commission of ₹7.5 crore paid for having facilitated transfer of ₹237 crore in demonetised notes.

According to the statement made to the I-T department, Mr. Sivakumar reportedly  accepted that the note was written by him and explained the entire transaction in detail. He also said that Sasikala asked him to meet her at Apollo Hospital, where Jayalalithaa was being treated, after demonetisation was announced by the Centre on November 8, 2016.

Post that, she instructed him to hold discussions with T.S. Kumarasamy of Christy Friedgram Industry of Tiruchengode, for converting the demonetised currency notes worth ₹240 crore into new currency notes in the denomination of ₹2,000.

Further, it was agreed that Mr. Kumarasamy has to return ₹240 crore within a year in new currency notes or pay interest at the rate of 6 % per annum. However, the deal could be finalised only close to December 31, 2016, the last date for individuals and private firms to deposit demonetised notes in their bank accounts.

On December 28, 2016, Mr. Sivakumar was given the key to a building owned by Cottage Field Resorts Private Limited at Vannier Street at T. Nagar in Chennai and was asked to transfer the money stacked over there in several cartons. He handed over ₹101 crore on December 29, 2016 and another ₹136 crore on December 30, 2016 to representatives of Mr. Kumarasamy.

Though the deal was to transfer ₹ 240 crore, Mr. Kumarasamy claimed, only ₹237 crore got transferred and therefore both the parties agreed that it would be sufficient if he returns the latter amount in new currency notes within a year or pay interest thereafter.

The I-T department issued a notice to Sasikala on October 15,2019 and demanded a reason as to why an amount of ₹ 1,911.50 crore should not be declared as her undisclosed income.

IT sleuths also found several crores of rupees in black money converted into white by publishing advertisements in four special publications brought out by Jaya Publications commemorating the birth anniversaries of former Chief Ministers C.N. Annadurai, M.G. Ramachandran and Jayalalithaa and also for AIADMK’s anniversary every year.

Author: Swetalana Rout



Share this article:

User Avatar
About:


Leave a feedback about this
TRENDING NEWS

sc-orders-for-deciding-applications-for-yatras-during-polls-within-3-days
Trending Judiciary
SC orders for deciding applications for 'Yatras' during polls within 3 days

Supreme Court orders authorities to decide 'Yatra' applications within 3 days during elections, addressing concerns over blanket assembly prohibitions.

19 April, 2024 04:03 PM
big-expose-aryan-khan-drug-case-ncb-gyaneshwar-singh
Trending Interview
Big Expose | Aryan Khan Drug Case | NCB | Gyaneshwar Singh

A news report is going viral regarding the Deputy Director General of the Narcotics Control Bureau (NCB), Gyaneshwar Singh. Tarakant Dwivedi alias Akela, a Mumbai-based crime reporter has made big claims over the senior IPS officer's Gujarat visit.

19 April, 2024 05:10 PM

TOP STORIES

need-to-safeguard-judiciary-from-unwarranted-pressures-21-ex-judges-write-letter-to-cji
Trending Legal Insiders
Need to safeguard judiciary from unwarranted pressures: 21 ex-judges write letter to CJI

21 ex-judges write to CJI Chandrachud urging protection of judiciary from pressures undermining its integrity and autonomy.

15 April, 2024 12:17 PM
sc-notice-to-ed-declines-early-date-on-plea-by-delhi-cm-arvind-kejriwal-against-arrest
Trending Judiciary
SC notice to ED; declines early date on plea by Delhi CM Arvind Kejriwal against arrest

SC issues notice to ED, declines early hearing on Delhi CM Kejriwal's plea against arrest in liquor scam.

15 April, 2024 03:08 PM
call-for-chapters-gender-based-violence-and-religion
Trending Law School
Call For Chapters: Gender-Based Violence and Religion

Calling For Book Chapters: As an editor, Dr. Amit Anand, Assistant Professor, School of Legal Studies, REVA University, Bengaluru, is inviting people to contribute to a book, entitled "Gender-Based Violence and Religion." This book is scheduled to be published by Cambridge Scholars Publishing.

15 April, 2024 04:21 PM
cannot-stop-any-public-rally-bombay-hc-says-on-allegation-that-ram-navami-processions-deliberately-pass-through-muslim-majority-areas
Trending Top Stories
Cannot stop any public rally, Bombay HC on allegation that Ram Navami processions deliberately pass through Muslim-majority areas

The Bombay High Court calls upon the Maharashtra Police to ensure that no law and order issues occur during a Ram Navami rally in a Muslim-majority area in Mumbai.

15 April, 2024 06:36 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email