Demonetisation Dealings: CBI Investigates Alleged Benami Property Linked to Sasikala
V K Sasikala is under scrutiny as CBI investigates a 2016 transaction involving her alleged payment of Rs 450 crore for a sugar factory during demonetisation. The money was supposedly paid to the Patel Group for a sugar mill. The transaction is under investigation for potential fraud and benami ownership allegations.
- Country:
- India
The Central Bureau of Investigation (CBI) is probing allegations against V K Sasikala concerning a significant financial transaction during India's demonetisation period in 2016. Sasikala is alleged to have paid Rs 450 crore in old currency notes for the acquisition of a sugar factory.
The CBI initiated their investigation following a directive from the Madras High Court, targeting Padmaadevi Sugars Limited for allegedly defrauding Indian Overseas Bank of Rs 120 crore by declaring a fraudulent account in 2020. Although Sasikala is not listed as an accused in the FIR, her financial dealings are central to the investigation.
The sugar mill transaction, involving Hitesh Shivgan Patel and the Patel family, was flagged due to the supposed benami ownership, purportedly for Sasikala's benefit. Several suspicious financial activities, including misuse of bank funds, credited dubious sources, and potential shell company transactions, are part of the ongoing investigation.
(With inputs from agencies.)
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