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ED arrests sand mining baron Sekhar Reddy

March 21, 2017 09:38 am | Updated 12:53 pm IST - Chennai

Sangeetha Kandavel
Income Tax department officials come out of the office of K. Rathinam, an associate of Sekhar Reddy, after conducting raid in his premises in Dindigul on Saturday.

Industrialist and sand mining baron J. Sekhar Reddy was arrested by the Enforcement Directorate (ED) late night on Monday.

A senior Enforcement Directorate official said, “He has been arrested on charges of money laundering. He has been remanded in judicial custody.” More details would be available later as they were still quizzing him on the issue.

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Ongoing investigation

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On December 20, 2016, the ED registered a case against Reddy and his business partner Sreenivasulu under the provisions of the Prevention of Money Laundering Act (PMLA).

This was based on an FIR registered by the CBI.

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On December 9, the Income Tax Department, during a search, unearthed ₹96.89 crore cash in old high denomination notes and ₹9.63 crore in ₹2,000 currency, along with gold weighing 127 kg, approximately worth ₹36.29 crore.

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A day after, another ₹24 crore in ₹2,000 notes was seized by the department.

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