CBI claims Sasikala paid ₹450 cr in demonetised notes to buy TN unit

VK Sasikala, a close aide of former Tamil Nadu chief minister J Jayalalithaa, had allegedly paid ₹450 crore in old high-denomination currency notes to buy a sugar factory during demonetisation in 2016, according to an FIR lodged by the CBI.

- Press Trust of India

The Central Bureau of Investigation (CBI) had registered the case on the Madras high court's directions against Padmaadevi Sugars Limited (PSL) for allegedly causing a loss of ₹120 crore to Indian Overseas Bank (IOB). The account was declared fraud in 2020.

Sasikala is not named as an accused in the FIR.

The sugar factory of PSL (formerly known as SV Sugar Mills) that the bank had taken as collateral was attached by the income-tax department under the Benami Properties Transac-

tions Act, according to the FIR.