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ED attaches Rs 34-cr assets of mining baron

Chennai, DH News Service, May 6 2017, 1:47 IST
 Sand mining baron J Sekhar Reddy. Image courtesy Twitter

Sand mining baron J Sekhar Reddy. Image courtesy Twitter

The Enforcement Directorate on Friday said it has attached assets worth Rs 34 crore in connection with its money laundering probe against sand mining baron J Sekhar Reddy and his associates.

ED Joint Director K S V V Prasad said his office has issued a provisional attachment order of Rs 33,74,92,000 against the industrialist and his associates in connection with exchange of old notes for new ones under the provisions of the Prevention of Money Laundering Act.

Prasad said the ED is conducting an investigation based on cases filed by the CBI, which were registered after the income tax department searched Reddy’s premises and those of his associates in November last year. The I-T sleuths seized nearly Rs 34 crore in new notes during the raid.

“He (Reddy) has stated that the cash seized by the I-T department belongs to his SRS Mining Company, and admitted it was unaccounted money,” the official said in a statement here. Reddy has not divulged the actual source of the new notes other than stating that it is from the sand mining business, Prasad added.

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