ED carries out raid on premises of construction firm promoters in Chennai

The FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was ‘cheated’ by the promoters.
One of the properties at Abiramapuram in Chennai raided by ED.
One of the properties at Abiramapuram in Chennai raided by ED. (Photo | Martin Louis, EPS)

CHENNAI: Taking cognisance of an FIR filed by the central crime branch (CCB) of Greater Chennai Police against a city-based civil construction company and its promoters, the ED raided multiple premises of the firm in and around Chennai as part of an investigation into money laundering.

The FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was ‘cheated’ by the promoters. Later, he also moved the National Company Law Tribunal (NCLT) challenging his removal from the company board.

The company promoters and directors moved the Madras HC seeking to quash the FIR. The court transferred the probe from CCB to Crime Branch CID after allegations of coercion were made by the company against CCB to settle the matter with the expelled director for a purported sum of `50 crore.

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