TANGEDCO case: ED searches properties of TN govt officials, Chettinad Group, unearths 360 crore

New Delhi [India], April 27 : The Directorate of Enforcement (ED) has carried out searches at 10 locations in Chennai related to officials of Tamil Nadu Generation and Distribution Corporation (TANGEDCO) and South India Corporation (SIC), a group company of the Chettinad Group.
A sum of Rs 360 crore was also recovered during the raids, the ED said in a statement.
The searches were conducted last Friday and locations included the premises of the former director (coal) of TANGEDCO, government officials, as well as the key management personnel of SIC and Western Agencies (Madras), it said.
The investigation was initiated based on a first information report (FIR), registered by the directorate of vigilance and anti-corruption, Chennai, against fraudulently cheating TANGEDCO, a PSU of the Tamil Nadu government, by claiming excessive payments amounting to hundreds of crores for coal transportation from the Visakhapatnam port.
This loss to TANGEDCO occurred between 2001 and 2019, in connivance with TANGEDCO officials. The initial tender awarded for six months was extended for 19 years based on an injunction petition filed by one of the related parties, according to the statement from the agency.
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 have also been seized, it said.