Mineral sand baron moves HC for pre-arrest bail in CBI case

Beach mineral sand baron S Vaikundarajan and his brother today moved the Madras High Court seeking anticipatory bail, apprehending arrest by CBI in a wealth case against former chairman of the VOC Port Trust in Tuticorin.
The former chairman has been charged with amassing assets and pecuniary resources to the tune of about Rs 8.23 crore in conspiracy with his mother Janaki under the guise of selling a property in Karisalkulam village in Virudhunagar district in 2011 to the petitioners.
Tirunelveli-district based Vaikundarajan and his brother Jagadeesan had been charged with paying the amount of Rs 8.23 crore to the former chairman under the guise of returning the advance for buying the property for a sum which was very much higher than its market value.

The petitioners submitted that they entered into sale agreement with Janaki. Then the agreement was cancelled on November 25, 2008 due to breach of condition.
The issue was referred to an arbitrator, who directed the petitioners to return the entire amount of Rs.8.23 crore along with interest.
The petitioners said the entire amount was paid by way of cheque and there was no hidden agenda. Besides, they could not do direct business with the Port Trust and they could do only through clearing agent.
The allegation interlinking the petitioners with the former port trust chairman was not true, they said and sought the anticipatory bail.

Justice G Chokalingam posted the case to November 6 for hearing.