BENGALURU: The suspended MD of Cauvery Neeravani Nigam Ltd, T N Chikkarayappa, possesses disproportionate assets (DA) in excess of what has been found during a recent I-T raid, the Anti-Corruption Bureau (ACB) informed the High Court on Thursday.
Additional Advocate General A S Ponnanna, representing ACB, made this submission before Justice Anand Byrareddy, who was hearing Chikkarayappa’s petition seeking to quash the FIR and proceedings against him by ACB under Prevention of Corruption Act.
Justice Reddy asked the ACB to provide a copy of FIR to Chikkarayappa so that he can approach the lower court for regular bail, before adjourning the matter.
ACB looking into benami properties too: AAG
Additional Advocate General (AAG) A S Ponnanna submitted that ACB is looking into DA, including the assets and not just unaccounted cash, possessed by Chikkarayappa.
AAG explained that the ACB raided the properties other than those that were raided by the I-T department, including his farm house. The investigation is still at preliminary stage. Chikkarayappa’s salary never crossed even `1 lakh. However, his alleged ill-gotten wealth run into several crores. As he is a public servant, a case was registered under Prevention of Corruption Act, he submitted.
When judge asked what about the farm house, Ponnanna submitted that Chikkarayappa owned benami properties, including one in his wife’s name worth `2 crore. Presently, the DA is estimated to be about `3.5 crore. Therefore, there is prima facie case. Until the investigation is completed, relief against his arrest cannot be granted, he submitted.