Udayanidhi Stalin Foundation under ED scanner

 
Enforcement Directorate has attached Rs 34.7 lakh in the bank account of Udayanidhi Stalin Foundation in a Central Crime Branch case pertaining to defrauding of Lyca Group worth Rs 114.37 Crore.
According to Enforcement Directorate release, the bank account of the foundation was attached after investigation was carried out following the FIR registered by police against Kallal Group directoes and founders on the complaint of Gaurav Chachra, Director of Pettigo Commercio Internacional Lda, a subsidiary of the UK based Lyca Group having significant presence in India in form of Lyca Productions, Lyca Hotels etc.

He had alleged that  Kallal Group and its Directors Saravanan Palaniappan,  Vijaykumaran, Aravinth Raj and  Vijay Ananth alongwith, Mrs. Lakshmi Muthuraman and Preetha Vijayananth. Had defrauded the subsidiary of Lyca group of Rs 114.37 Crore.

During the investigation by ED, it was found that the fraud is actually of an amount of Rs.300 Crore as the Lyca Group had also made other investments/ loans to the accused group and its entities without any due diligence or rationale.

As a result, searches were carried out at both the accused and complainants on April 27 and May 16 which led to discovery of various incriminating evidences in form of digital evidences, documents, properties, suspicious cash and hawala transactions which is still under the ED scanner and investigations.

in order to secure part of the proceeds of crime, ED has provisionally attached various immovable properties across Tamil Nadu, valued at Rs. 36.3 Crore and further attached Rs. 34.7 lakh available in the bank account of Udayanidhi Stalin Foundation as it received the proceeds of crime amounting to Rs 1 Crore.

The trustees of the foundation failed to explain the rational for the above receipt from the parties involved in the case