Madras High Court grants bail to mining baron Sekhar Reddy
Mining baron Sekhar Reddy was granted bail by the Madras High Court on Friday. Reddy along with two of his accomplices Srinivas and Prem Kumar was granted relief in a money laundering case. The Madras High Court has asked all accused to stay in Delhi and appear before officials of the Enforcement Directorate.
Madras High Court judge S Bhaskaran granted conditional bail to the accused after asking them to pay Rs 10 lakh and produce two sureties of Rs 5 lakh each. They have also been asked to appear in the Enforcement Directorate office at Delhi on a daily basis and sign in the register at 10.30 AM until further orders.
The trio was arrested by the enforcement directorate after Rs 32 crore in new Rs 2,000 notes were found in their possession. The huge stash of money was found during raids conducted by the income tax department on properties belonging to the businessmen post demonetisation. The trio was accused of money laundering.
Following the raids conducted in December last year, income tax officials had seized 127 kg of gold and over Rs 170 crore in cash of which Rs 32 crore was in new Rs 2,000 currency notes. The CBI as well as the Enforcement directorate had registered cases against the trio and arrested them.