Overview

• CBI’s Bank Security & Fraud Bureau carried out coordinated searches at six locations, spanning residential and business premises in Chennai, Tenkasi and Tiruchirapalli.
• Officials targeted properties linked to directors of Padmaadevi Sugars Limited and its identified associate companies Appu Hotels Ltd and Otium Wood Industries.
• Seized materials include incriminating documents and digital files detailing large demonetisation-era cash movements and transfers to shell or benami firms.
• The FIR, filed on Madras High Court instructions based on an Indian Overseas Bank complaint, alleges criminal conspiracy, cheating and breach of trust in a Rs 120.84 crore loss.
• The investigation remains active with no arrests or charge sheets announced as authorities analyse the recovered evidence.