Jayalalithaa Aide’s Shocking ₹450 Crore Cash Deal for Sugar Mill During Demonetisation

A massive cash transaction during the height of India’s 2016 demonetisation period has come under scrutiny. A close aide of former Tamil Nadu Chief Minister Jayalalithaa is alleged to have paid a staggering ₹450 crore in cash for the acquisition of Padmadevi Sugars Limited.

Alleged Fraud and Financial Irregularities

The controversy surrounding Padmadevi Sugars Limited doesn’t end with the questionable cash deal. The company’s directors are also facing accusations of defrauding the Indian Overseas Bank to the tune of ₹120 crore. This raises serious concerns about the financial dealings of the company and the individuals involved.

The Impact of Demonetisation and its Loopholes

This case highlights the potential loopholes that existed during the demonetisation period, intended to curb black money. The sheer volume of cash involved in this transaction raises questions about the effectiveness of the policy and the potential for its exploitation.