Chennai: The Directorate Of Vigilance and Anti-Corruption (DVAC) registered a disproportionate assets case against R Elangovan, a close associate of former Tamil Nadu Chief Minister Edappadi K Palaniswami and chairman of Tamil Nadu State Apex Co-operative Bank, and his on E Praveenkumar after raids across the state on Friday.


During the raids at multiple locations, DVAC seized valuables including 21 kg of gold, 280 kg of silver articles, and several other property documents from the premises of both the accused.


According to a report by Times of India, the DVAC searched the places belonging to Elangovan and E Praveenkumar in 36 locations including Chennai, Salem, Namakkal, and Coimbatore.

The FIR of the DVAC, based on the searches said, Elangovan and his son had invested a huge amount of wealth acquired through ill-gotten ways in educational institutions run by Swamy Ayyappan Educational Trust in Trichy. Also, one of the accused Praveenkumar is also the vice-chairman of the trust. 


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The FIR also said that the accused also acquired wealth in the name of benamis at places across Tamil Nadu. 


Following the raids, the DVAC seized cash of Rs 29.8 lakh and property documents. It also identified the ill-gotten asset of 10 luxury cars, two Volvo buses, 21 kg of gold, 284 kg of silver, and passbooks. 


They also raided the residence of Indrani Kaliya Perumal, a family member of Elangovan, in Karur, and the residence of the accused's auditor in Salem district. 


Meanwhile, former Tamil Nadu CM Edappadi K Palaniswami said that Elangovan was the secretary of Salem suburban district Amma Peravai and the raids at his premises are "political vendetta".


Elangovan was first elected as the chairman of Tamil Nadu State Apex Co-operative Bank in 2013 and was re-elected in 2018.