Notes ban: ED arrests Sekhar Reddy, 2 others under PMLA
21 March 2017, 02:00 | Austin Hogan
Note ban: ED arrests Sekhar Reddy, 2 others in money laundering case
The Enforcement Directorate has arrested sand mining baron J Sekhar Reddy and his two alleged associates in connection with a money laundering case registered post demonetisation. He has been accused of converting the unaccounted cash held by them in old currency notes to new notes with the help of unknown public servants from different banks within 24 days from the date demonetisation was announced (November 8).
Sekar Reddy, a sand mining baron, was arrested in December a year ago for holding about Rs 130 crore, out of which a significant amount was in new currency. From the cash that was seized, close to Rs 34 crore was in the new 2000 denomination.
After spending 87 days in the jail, based on the third appeal the special court for Central Bureau of Investigation (CBI) on March 17 granted all the three a conditional bail. However, the ED arrested him again on Monday.
Mr Reddy allegedly has business links with Vikram Rao - the son of former Tamil Nadu chief secretary P Rama Mohana Rao.
Reddy owns over a dozen sand quarries in Vellore and he has also handled many government projects, which included the widening of Madurai Ring Road, East Coast Road in Chennai and some World Bank-funded projects. He also stated that the seized 30 kgs of gold bars in his premises also belong to Reddy only.
The two biggest cases of cash recovery after the government's ban on high denomination notes previous year - which involves Mr Reddy and Delhi-based lawyer Rohit Tandon - are being investigated by at least four agencies: The Enforcement Directorate, the Income Tax department, the Central Bureau of Investigation and the Delhi Police. The ED is trying to find out how the money in new currency in such large numbers had reached these persons.
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