May 26, 2020 | 6:24 PM IST

IT attaches benami assets worth Rs 1600 cr belonging to Sasikala

Income Tax (IT) Department, on Tuesday, attached ‘Benami’ assets worth Rs 1,600 cr belonging to VK Sasikala, an aide to former Tamil Nadu Chief Minister and AIADMK leader J Jayalalithaa. Presently, Sasikala is serving a four-year jail term in a corruption case and is lodged at Parappana Agrahara jail in Bengaluru after being convicted in 2017 in a disproportionate asset case under section 24(3) of the Prohibition of Benami Property Transactions Act, 1988.
Sources revealed that the Benami assets were purchased by Sasikala by using approximately Rs 1,500 crore of demonetized notes under fictitious identities. In 2016, the IT department raided nine properties belonging to Sasikala located in Chennai, Pudducherry, and Coimbatore. This was after demonetization was declared in November 2016.
The investigating officers said that the payments for purchasing these assets were made in cash and memorandum of understandings were signed between executing parties.

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