Sekhar Reddy, Arrested mining baron, loses 30 Kilos of gold bars

Mangalore Today News Network

Chennai, May 29, 2017 :   When mining baron Sekhar Reddy was raided in Tamil Nadu in December, just weeks after Prime Minister Narendra Modi banned high-denomination notes:  the discoveries were stunning: nearly 140 crores in cash, including a substantial amount of the then newly-introduced 2000-rupee notes, and about 180 kilos of gold.

 

Today, as part of the investigation against him, 30 kilos of those gold bars, worth nearly 9 crores, was attached or seized by officials who say it was bought "using the proceeds of the crime"  -the 49-year-old has been accused of money-laundering.

Mr Reddy, who owns SRS Mining and controls many sand quarries in the region of Vellore, was arrested in December.  After getting bail in March he was rearrested and was let on bail earlier this month.

He is known to have strong connections to the ruling AIADMK and photographs show him praying at the famous Tirupati temple with former Chief Minister O Panneerselvam.

Investigators claim he has allegedly revealed that lots of cash seized from his properties were unaccounted money.

Sources handling the case against him told NDTV earlier this month that they believe he paid bribes worth 400 crores to ministers and bureaucrats. They wrote to the state government for details, but the ruling AIADMK says it never received that request from the income tax department.

Courtesy:NDTV