The state government has revoked the suspension of T N Chikkarayappa, the former MD of Cauvery Neeravari Nigam Limited, following a court order. Chikkarayappa is an accused in currency exchange racket and disproportionate assets case.
The I-T Department and Enforcement Directorate, during a raid on his residence, had seized a huge amount of cash in new currency. Later a raid by Anti Corruption Bureau unearthed property worth Rs 3.5 crore, disproportionate to his known source of income.
Following raids, the government suspended him in the first week of December 2016. Chikkarayappa had moved the Lokayukta Special Court and high court seeking anticipatory bail. The High Court had directed the ACB not to arrest him till January 9, provided he cooperated with probe.
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