CBI arrests former TTD board member Sekhar Reddy in Rs 170 cr cash seizure case
The Central Bureau of Investigation on Thursday arrested businessman and former Tirumala Tirupati Devasthanams (TTD) Board Member J. Sekhar Reddy and his associate K Srinivasulu.
The Central Bureau of Investigation on Thursday arrested businessman and former Tirumala Tirupati Devasthanams (TTD) Board Member J. Sekhar Reddy and his associate K Srinivasulu in connection with the seizure of 127 kg of gold and over Rs 170 crore in cash post-demonetisation.
The arrest comes a day after the Enforcement Directorate registered a case against Reddy and his business partner under the Prevention of Money Laundering Act (PMLA).
The accused were produced in a city court and remanded in judicial custody till January 3, 2017.
“Our case is focussed on the seizure of Rs. 33.6 crore of new currency (Rs. 2,000 denomination) from the premises of Sekhar Reddy and his associates. It is suspected that they managed to get the new currency with the connivance of some bank officials and public servants,” a spokesperson for the CBI told The Hindu.
The CBI spokesperson added that the details of seizure made could not be revealed at this stage. Reddy is linked with the son of Tamil Nadu Chief Secretary P Rama Mohana Rao who is also under the scanner of I-T department, according to sources.
The I-T department today carried out searches at over a dozen places in two states against the son and some relatives of Rao. They claimed to have seized Rs 30 lakh cash in new currency notes and 5 kg gold during the raids.
The department also seized Rs 5 crore of undisclosed income from bureaucrat's son Vivek.