TN businessman, two others arrested for money laundering

Chennai, Dec 21 (IANS) The Central Bureau of Investigation (CBI) on Wednesday arrested businessman J.Shekhar Reddy and two others here for money laundering, an official said.

The Income Tax department recently seized 177 kg of gold and cash totalling Rs 96 crore in old 500 and 1,000 rupee notes and Rs 34 crore in new currency from businessmen Reddy, Srinivasalu and Prem.

Reddy, a contractor, had reportedly executed a lot of work for the Tamil Nadu government.

The CBI has also arrested Srinivasalu and Prem.