Karadu Narasimha Reddy gave 1.135 kg gold and 7 kg silver ornaments, worth more than ₹1 crore, as marriage gift to his daughter.
The Central Investigation Unit (CIU) of the ACB raided on his properties on Tuesday.
The ACB sleuths opened a bank locker in Nellore and found the jewellery deposited in the bank.
The locker is being jointly operated in the name of his daughter, her husband and father-in-law.
Fixed Deposits (FDs) worth ₹2 lakh were also seized from the locker, said ACB Director General (DG) R.P. Thakur.
In another locker, the police found 2.32 kg gold and diamond jewellery.
The locker is in the name of his wife.
Accused remanded
“In the last two days, we seized 5.45 kg gold, 14 kg silver, 50.36 acres of agricultural land, 18 house plots, one G+2 house (including a pent house), LIC deposits for ₹1 crore, bank balances ₹20 lakh and other valuables,” Mr. Thakur said.
“The ACB registered a Disproportionate Assets (DA) case against the accused.
“He was arrested and produced before the ACB Court, Nellore, which remanded him to judicial custody on Wednesday,” the DG said.
