Chennai IT raids: CBI arrests Sekhar Reddy, others

In the first two days of raid on the trio, the IT officials seized Rs 170 crore in cash in new as well as demonetised currency notes and 130 kg of gold in bullion as well as jewellery.

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The Central Bureau of Investigation on Wednesday arrested three businessmen for illegal monetary transactions. Sekhar Reddy, Srinivas Reddy and Prem were produced before a special CBI court in Chennai that sent them to judicial custody till January 3. The trio was raided by the income tax department which unearthed the biggest haul of unaccounted assets post demonetisation announcement.

Seizure

In the first two days of raid on the trio, the IT officials seized Rs 170 crore in cash in new as well as demonetised currency notes and 130 kg of gold in bullion as well as jewellery. Raids were conducted in eight places in Chennai alone. Two days after the unaccounted wealth was found, Income Tax Department officials found Rs 24 crore in a car belonging to Sekhar Reddy in Tamil Nadu's Vellore district. The trio was suspected to be part of a larger money laundering racket.

[Also Read: In Chennai Income Tax raids, Rs 170 crore cash, 130 kg gold unearthed]

Out of the three, Sekhar Reddy was a member of the Tirupati Tirumala Devasthanam board. He was suspended by the Andhra Pradesh government following allegations of possessing illegal wealth.

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