According to sources, a search of the property of Co-operative bank state president Ilangovan today yielded 21 kilograms of gold and Rs 29 lakh in cash.
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The salem Anti-Corruption and Surveillance Unit investigated R. Ilangovan, the Chairman of the tamil Nadu State Co-operative bank and the Chairman of the salem District Central Co-operative bank, for allegedly amassing excessive assets in the names of his son praveen Kumar, the son of Swami Ayyappan Educational Foundation, and his family members, as well as the companies in which he is a partner, during his tenure.
In 2013 and 2018, Ilangovan, former chief minister Edappadi Palanisamy's right-hand man, was chosen chairman of the tamil Nadu Co-operative Bank.
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In tamil Nadu, cooperative banks have been accused of committing many irregularities in the forgiveness of jewellery loans to farmers. A few days ago, surveys were conducted in numerous regions in this regard. The Anti-Corruption Department is looking into this situation.
The Anti-Corruption and Surveillance Department investigated the case, including the whereabouts of Ilangovan and his relatives. The companies with which he is a partner, jewellery shops and suspected persons associated with him, and the Musiri Institutes of technology educational institutions under the name of Swami Ayyappan Foundation were also checked.
Ilangovan's house was raided by the Anti-Corruption Department, which recovered 21.2 kg of gold and 282 kg of silver. Also taken were Rs 29.77 lakh in cash, ten luxury cars, two Volvo luxury cars, three computer hard drives, and real estate paperwork.
