Enforcement Directorate (ED) conducted raids into an alleged Rs 200 crore bank fraud and benami assets probe against Sasikala, a close aide of late Tamil Nadu CM J Jayalalithaa, and others, in Chennai and Hyderabad. At least ten premises were raided in both cities.
These premises are linked to a person named GRK Reddy of the Marg group, claimed to be an alleged benami of Sasikala, and are being raided under the provisions of the Prevention of Money Laundering Act (PMLA), they said.
The investigation is related to a Rs 200 crore alleged fraud with the Canara Bank in which the CBI had filed an FIR, they said.
Sasikala’s name is not there in the CBI FIR yet. The media reports cite that the Income-Tax Department had, sometime back, passed an order alleging that Reddy was the benamidar (in whose name a benami property is standing) of Sasikala for certain assets held in the Marg group, the officials claimed.
Benami means 'no name' or 'without name'. Such properties are those in which the real beneficiary is not the one in whose name the property has been purchased.
Jayalalithaa passed away on December 5, 2016, at the age of 68.
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