Mining baron Sekhar Reddy arrested, remanded in judicial custody

The ED had registered a case against Reddy and his business partner Sreenivasulu under the Prevention of Money Laundering Act.

The Enforcement Directorate has arrested mining baron Sekhar Reddy and remanded him to judiciary custody until March 28. Reddy was arrested just a few days after a Central Bureau of Investigation court had granted him bail.

The Enforcement Directorate will now question the mining baron. The case on hand relates to the Rs 34 crore found in new currency notes during the raids that were conducted. While the CBI had handled the initial part of the probe, the ED is probing into the money trail.

The ED had registered a case against Reddy and his business partner Sreenivasulu under the Prevention of Money Laundering Act. The ED is trying to find out how the money in new currency in such large numbers had reached these persons.

The IT department had seized Rs 34 crore in new notes during two raids. Following this the CBI took over the probe. The ED is trying to find out the exact money trail. It has found prima facie that there was money laundering involved.

OneIndia News