DVAC revises Velumani, associates’ disproportionate assets to Rs 730 cr

CHENNAI: After pegging the quantum of disproportionate assets allegedly accumulated by former minister SP Velumani and his associates at Rs 58.2 crore, the Directorate of Vigilance and Anti-Corruption (DVAC) has revised the assets to a whopping Rs 730.5 crore, reveal legal documents.

According to the FIR filed by DVAC on March 14, 2022, Velumani and his associates, including family members, possessed disproportionate assets to the tune of Rs 58.2 crore during the check period between April 1, 2016 and March 13, 2021 (when he was an influential minister during the AIADMK regime).

However, in the ‘final opportunity notice’ issued by DVAC’s Coimbatore Detachment on April 12, 2023, the Thondamuthur MLA was asked to account for the assets owned by family members and associates worth Rs 730 crore.

Challenging the notice, S P Velumani, his brother P Anbarasan and KCP Infra Limited moved the Madras High Court seeking time to respond and permit their chartered accountant to be present during inquiry to explain their sources of income.

“In the notice, the assets of other accused in the case were clubbed as if the assets are owned by Velumani and he was called to explain the source of other assets,” submitted Velumani’s counsel. In response to the notice, Velumani had sent a reply on April 21 denying the allegations and the quantum, and requested four weeks’ time to give a detailed explanation. He also sought the assistance of his chartered accountant during the personal hearing to explain the sources of income.

Hearing the contentions, Justice GK Ilanthiraiyan had on May 4 granted time till May 29 for Velumani and his associates to response to DVAC’s notice and also permitted their chartered accountants to assist them during the personal hearing.

In the case registered last year, the anti-corruption wing alleged that the four-time MLA had channelled his ill-gotten money to various companies in the names of his associates and their relatives, and acquired assets in the name of his relatives across the State.

The FIR added that Velumani had travelled to Singapore thrice in 2019 and stayed for a total of 14 days. This apart, he had travelled once each to Malaysia, Thailand, Philippines, the United Kingdom and Maldives during his tenure as local administration minister and stayed for 32 days.

His family members, Vidyadevi, Vikash and Sarangi, too, had undertaken several foreign trips individually and jointly to Hong Kong, Malaysia, Thailand, UAE, Singapore, the UK, Indonesia, Australia and Maldives and stayed for about 130 days.

DVAC claimed that its verification disclosed that his ill-gotten wealth was converted into legal money through his relatives’ firms in and around Tamil Nadu, and contended that similar such scenario might have unfolded in foreign countries, too, as the trips taken by Velumani and his family members are numerous.