The former Inspector General has been booked under Section 420 of IPC along with one Ganapathy Ramasubramanian based on a complaint of VR Krishnaswamy.
According to the complaint, Sivanandi demanded a loan for 24 per cent interest from Krishnasamy in 2015 for business development in association with Nagarjuna Oil Company Refinery Project at Cuddalore.
Krishnaswamy allegedly transferred Rs 1 crore through RTGS to Ganapathy Ramasubramanian’s bank account and a loan agreement was signed between the two in the presence of Sivanandi at the latter’s house on Lloyds Road on September 9, 2015. Two witnesses to the agreement was Sivanandi’s wife Dr Kondammal and Head Constable Manimaran, who had been posted at Sivanandi’s house for security then. Manimaran recently died of COVID.
The victim allegedly received interest from Ganapathy only for five months. Also, Sivanandi allegedly received Rs 50 lakh from the complainant in 2002 to set up a bottling plant of a popular soft drink brand at Thazhaiuthu along with one Subramanian on the promise of taking the victim as one of the partners. But, Sivanandi reportedly never fulfilled the obligation and not returned the money either.
It may be noted that the CCB arrested the second accused in the case Ganapathi Ramasubramanian in connection with another cheating case a few days ago.