The Enforcement Directorate (ED) on Monday launched searches at multiple locations linked to Tamil Nadu Municipal Administration Minister K.N. Nehru, connected to a bank fraud case. The ED raids are underway in more than 13 locations in Chennai, Tiruchi and Coimbatore. Nehru's brothers K.N.Ravichandran, K.N.Manivannan and his son Arun Nehru have also been brought under the scanner.
The raids are reportedly connected to a Rs.22 crore bank fraud case. The case has been registered based on a complaint by the Indian Overseas Bank (IOB) against Truedom EPC Limited, in which Ravichandran is one of the directors. Sources say that the raids are reportedly linked to allegations of embezzlement involving loans from two banks. Truedom EPC Ltd is a 15-year-old company which is in the real estate business. The Central Bureau of Investigation (CBI) registered a case against Truedom EPC Ltd and its directors in 2021 for defrauding the Indian Overseas Bank.
Ravichandran and Manivannan are into real estate and many other lucrative businesses. True Value Homes, one of the popular real estate companies which is into constructing luxury villas and apartment complexes in Chennai, Tiruchi and Coimbatore. The searches began at 7 am on Monday. Two bank officials in Tiruchi are also being questioned about their dealings, in connection to the case.
This is the second case involving a minister in Tamil Nadu, since the beginning of this year. Earlier the ED launched continuous raids for four days at the premises linked to state’s liquor retailer TASMAC.
Known as the Tiruchi strongman, senior minister and the party’s principal secretary Nehru is one of the powerful moneybags of the DMK.