ED Seizes Rs 360 Crore From Chennai-Based Chettinad Group

In operations against the Chettinad Group company and state public sector entity TANGEDCO, the Enforcement Directorate (ED) confiscated fixed deposits worth Rs 360 crore. The announcement of seizing the whopping amount came on Thursday. In addition to the fixed deposits worth Rs 360 crore found in the accounts of South India Corporation, the ED reported the seizure of other incriminating documents, including digital evidence and property papers.

On April 24, ten locations were searched as part of a federal investigation into money laundering that was allegedly tied to "cheating of the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) by claiming excessive payments for coal transportation from the Vishakhapatnam Port, which amounted to hundreds of crores," reported The News Indian Express.