Enforcement Directorate arrests sand mining baron, Sekhar Reddy
The Sand mining baron, Sekhar Reddy allegedly used public servants to change demonetised currency, the Central Bureau of Investigation (CBI)’s FIR filed in December has said.
The Central Bureau of Investigation (CBI)’s FIR copy on the money laundering case against Shekhar Reddy claims that the sand mining baron used a certain number of unknown public servants and bank employees to change the demonetised currency into new notes.
After getting information from the Income Tax (IT) department about a seizure of Rs 24 crore new notes from a ‘Tata Ace’ vehicle at Vellore, and the huge amount of demonetised currencies and many kilos of gold acquired from Shekhar Reddy’s residence, the Central Bureau of Investigation (CBI) arrested him, Prem Kumar and Shrinivasulu under IPC 120-B r/w 409, 420 IPC and section 13(2) r/w 13(1) (c) on December 21.
The charge sheet has clearly stated that Shekhar Reddy is a government contractor, partner of SRS Mining based in Chennai and operates the majority of sand quarries at Vellore and neighboring districts in Tamil Nadu.
The Central Bureau of Investigation (CBI) then accuses Shekhar Reddy and his associates to have deprived the public in enforcing their right by using unknown public servants from different banks to illegally convert demonetised notes into new notes.
“The bank officials who were trusted with the new currency notes to be distributed to the public, as per the instructions were given to the bank from time to time by the Reserve Bank Of India (RBI), defying the same they helped the accused persons for a consideration,” claims the FIR of Central Bureau of Investigation (CBI).