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The raids are being undertaken at the premises of the father-son duo in state capital Chennai and in Villupuram, they said.
The money laundering case is linked to alleged irregularities when Ponmudy was the state mining minister (between 2007 and 2011) and there were allegations of violation of quarry licence conditions leading to loss of about Rs 28 crore to the exchequer.
The ED had recently initiated a similar action against senior DMK leader and TN Transport Minister Senthil Balaji.