The DVAC today began conducting searches in 26 premises of ‘Salem’ R Elangovan, President of Salem District Central Coop Bank Salem and Chairman of TN State Apex Cooperative Bank after registering a disproportionate asset case against him.
DA Case also registered against his son E Praveen Kumar. Elangovan was said to be a close aid of former Tamil Nadu CM Edappadi Palaniswami.
Searches are underway in at at least 17 places in Salem, 2 in Chennai, 4 in Tiruchy as of now. Raids are also happening in Karur and Namakkal as well, the DVAC said.
According to them, value of the asset of Elangovan at the beginning of check period in 2014 was over Rs 30 lakh and at the end of check period in 2020 the asset value went up to Rs 5.6 crore .
The DVAC, after calculating his genuine income, expenses and likely saving has estimated disproportionate wealth of father and son to be worth around Rs 3.7 crore.