Chennai IT raids: Vehicle carrying Rs 24 crore seized in Vellore
Sleuths from the Income Tax department traced down a vehicle carrying Rs 24 crore in Vellore on Saturday. The unaccounted money, all in new currency notes was found in a vehicle that allegedly belongs to Sekar Reddy.
Sekar Reddy is one of the three businessmen who were raided during raids carried out in more than eight locations in Chennai over two days. The raids saw the recovery of Rs 170 crore in cash and 130 kgs of gold.
Following the raids, the Andhra Pradesh Government on Saturday removed Sekar Reddy from the board of Tirupati Tirumala Devasthanam (TTD)
Reddy,TTD board, along with two other businessmen, Prem and Srinivas Reddy, has been accused of running a money laundering racket in the wake of demonetisation.
Unlike other raids across the country, officials found huge amounts of demonetisied currency notes with the duo. The officials suspect that the trio have already laundered money and were in the process of getting rid of the demonetised notes.
The haul was considered the biggest since demonetisation move.