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Sasikala's benami assets worth Rs 1600 crore seized

06-11-201906-11-2019 12:57:12 IST
2019-11-06T07:27:12.612Z06-11-2019 2019-11-06T07:27:07.261Z - - 30-09-2020

Sasikala's benami assets worth Rs 1600 crore seized


The Income Tax department has attached and seized 'benami' assets worth Rs 1600 crore from VK Sasikala, a former aid to ex Tamil Nadu Chief Minister J Jayalalitha. 

The IT officials told the media that a total of nine properties in Chennai, Coimbatore and Puducherry were procured soon after the demonetisation when Rs 500 and Rs 1000 notes were declared not legal tenders.

These 'benami' assets were procured by Sasikala using about Rs 1600 crores worth of demonetised notes and were bought by her under fictional identities. 

A provisional order has been issued against Sasikala under section 24(3) of the Prohibition of Benami Property Transactions Act,1988. The former aide of TN CM J Jayalaithaa is currently lodged in a Bengaluru jail after being convicted in a disproportionate assets case. 

The officials said payments for purchasing these assets were made in "cash" and "MoUs" were signed between the executing parties. The tax department had conducted massive raids against Sasikala and a few others in 2017 and it is understood that the documents about these assets were recovered then.

Sasikala took over the reins of the AIADMK after the death of Jayalalithaa in December 2016 and was later removed from the party by Chief Minister K Palaniswami and supporters.


Sharat Bhamidi

With 5 years of experience in Digital Media, Sharat Bhamdi specialises in creating content for webistes, developing ad campaigns and social media campaigns. At NewsSting, he handles the video division where he brings in content through feature videos and interviews.
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