Sekhar Reddy Arrested By ED

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Sekhar Reddy Arrested By ED

Industrialist and sand mining baron J. Sekhar Reddy was arrested by Enforcement Directorate (ED) late night on Monday.A senior Enforcement Directorate official confirmed the news and said, “He has been arrested on charges of money laundering. He has been remanded in judicial custody.”

Ongoing investigation

The official said that more details would be available later as they were still quizzing him on the issue. On December 20, 2016, the ED registered a case Mr. Reddy and his business partner Sreenivasulu under provisions of the Prevention of Money Laundering Act (PMLA).This was based on an FIR registered by the Central Bureau of Invetigation.On December 9, the Income Tax department, during a search, unearthed ₹96.89 crore cash in old high denomination notes and ₹9.63 crore in new ₹2,000 currency notes along with gold weighing 127 kg approximately worth ₹36.29 crore.A day after, the department seized another ₹24 crore of new ₹2,000 notes