The Madras High Court on Friday delivered its verdict in the two-decade old FERA violation case in which TTV Dinakaran, former AIADMK Rajya Sabha MP and a member of the Sasikala family, was accused of money laundering and benami transactions.
The court has confirmed the penalty of Rs 25 crore imposed on Dinakaran by the Directorate of Enforcement in the 1996 cas
The fine was imposed on Dinakaran on May 5, 2000 for contravention of various provisions of the Foreign Exchange Regulation Act (FERA).
The charge against him was that he had acquired USD 62.61 lakh from persons other than the authorised dealers in foreign exchange, deposited them in different companies incorporated in the British Virgin Island with Barclays Bank and other places and then lent the exchange to a person who was not a authorised dealer.
He had failed to offer it for sale to an authorised dealer in foreign exchange in India within three months from the date of becoming the owner of the dollars.
Sasikala is now the General Secretary of the AIADMK and several members of her family, including Dinakaran, are known to be helping her with the administration of the party.