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Tamil Nadu Apex Coop Bank Chairman booked by DVAC in disproportionate assets case

Searches going on at 29 places in Salem, Chennai and Tiruchy

Published: 22nd October 2021 09:21 AM  |   Last Updated: 22nd October 2021 09:25 AM   |  A+A-

Tamil Nadu Apex Coop Bank Chairman Elangovan with former Chief Minister Edappadi K Palaniswami.

Tamil Nadu Apex Coop Bank Chairman Elangovan with former Chief Minister Edappadi K Palaniswami.

By Express News Service

SALEM: The Directorate of Vigilance and Anti-Corruption (DVAC) has registered a disproportionate assets case against Chairman of the Tamil Nadu State Apex Cooperative Bank R Elangovan (57) and his son E Praveenkumar (27) and the investigation agency is carrying out searches at 29 places in Salem, Chennai and Tiruchy on Friday.

Elangovan, who is close to former Chief Minister Edappadi K Palaniswami, was accused by the DVAC of amassing Rs 3.78 crore worth assets in his name and in the name of his dependents between April 2014 and March 2020, which is disproportionate to the known sources of his income. This amount worked out to be 131 % out of their total income, DVAC said in its FIR, registered on Thursday.

A resident of Puthiragoundanpalayam in Salem, Elangovan and his son Praveen were booked under sections 109 IPC read with 13(2) r/w 13(1) of Prevention of Corruption Act 1988 and section 12 read with 13(2) r/w 13(1)(b) of Prevention of Corruption Act amended in 2018.

Elangovan was elected as President of Salem District Central Cooperative Bank and Chairman of Tamil Nadu State Apex Cooperative Bank in Chennai in 2013. He was elected for the same posts in 2018.
Elangovan constructed a palatial house in his native place. It has also been revealed that between April 2014 and March 2020, by virtue of his official position and his close association with top politicians, he enriched himself illicitly and was in possession of pecuniary resources and assets disproportionate to the known sources of his income in his name and in his son Praveen’s name, DVAC FIR said.

DVAC further added, it is suspected that Elangovan and his son have acquired many more assets and kept them in the name of benamies in various places in and around Tamil Nadu and outside.

There is information that they have invested a large amount from the ill-gotten money on colleges/ institutions being run by Swamy Ayyappan Educational Trust in Musiri, Tiruchy. Praveen Kumar is the
vice-chairman of the trust.

In Salem alone, the DVAC is conducting searches at 18 locations.

Elangovan’s wife Banureka is a Government school teacher at Puthiragoundanpalayam panchayat union primary school.
 



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