CBI alleges VK Sasikala bought Kancheepuram sugar mill for Rs 450cr in cash during notebandi; probe linked to bank fraud case

CBI is investigating a suspected Rs 120-crore bank fraud case involving Padmaadevi Sugars Ltd, whose directors are accused of cheating Indian Overseas Bank (IOB). The probe was initiated following Madras HC directions. During demonetisation, V K Sasikala allegedly bought the sugar factory in Kancheepuram for Rs 450 crore in cash, according to an FIR.