Chennai sources have stated that when mining baron Sekhar Reddy was raided in Tamil Nadu in December, just weeks after Prime Minister Narendra Modi banned high-denomination notes: the discoveries were stunning: nearly 140 crores in cash, including a substantial amount of the then newly-introduced 2000-rupee notes, and about 180 kilos of gold.
Meanwhile it was stated that, as part of the investigation against him, 30
kilos of those gold bars, worth nearly 9 crores, was attached or seized by
officials who say it was bought "using the proceeds of the crime" the
49 year old has been accused of money-laundering.
Mr Reddy, who owns SRS Mining and controls many sand quarries in the region of Vellore, was arrested in December. After getting bail in March he was re-arrested and was let on bail earlier this month.
He is known to have strong connections to the ruling AIADMK and photographs
show him praying at the famous Tirupati temple with former Chief Minister O
Panneerselvam. Meanwhile investigators claim he has allegedly revealed that
lots of cash seized from his properties were unaccounted money.
