Newspaper reports say officials of the Directorate of Vigilance and Anti-Corruption (DVAC) recently raided scores of locations linked to R Elangovan, the chairman of the Tamil Nadu State Apex Cooperative Bank, and his son.
Elangovan is said to be a close aide of former chief minister Edappadi Palaniswami. Both have been booked under the Prevention of Corruption Act, 1988, and the Indian Penal Code.
According to the FIR, the accused acquired assets worth Rs 3.78 crore, which is 131% in excess of his known sources of income, by allegedly using his influence in the corridors of power.