On Friday, the Madras High Court delivered its verdict in the two-decade old Foreign Exchange Regulation Act violation case in which TTV Dinakaran, former AIADMK Rajya Sabha MP and Sasikala’s nephew, was accused of money laundering and benami transactions.
The Madras HC has confirmed the penalty of Rs 25 crore imposed on Dinakaran by the Directorate of Enforcement in the 1996 case.
Dinakaran came under the scanner of the Enforcement Directorate officials after huge amounts of cash deposits were made into his bank accounts during the 1991-96 Jayalalithaa regime. The ED had then booked him under the FERA.
Times of India reports that the ED had rejected Dinakaran's claim of being a Singapore citizen and hence being out of ED’s ambit, and found him guilty.
Consequently, a fine of Rs 25 crore was imposed on him. After an appellate authority too upheld the fine, Dinakaran moved the high court and the matter had been pending since then.