Sekhar Reddy case: ED attaches 30 kg gold bars


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DHNS

Chennai, 29 May 2017: Enforcement Directorate (ED) here on Monday said that it has attached 3O kg of gold bars worth about Rs 8.5 crores belonging to sand mining baron Sekhar Reddy.

 

The properties of Reddy was attached under provisions of Prevention of Money Laundering Act,2OO2 (PMLA).

 

ED joint director K S V V Prasad said that after demonetisation, Income Tax Department has conducted searches at various places of Reddy, managing partner of SRS Mining and seized about Rs 97 crores of Old Currencies, Rs 34 Crores of new currencies and about 177 kgs of gold bars.

 

Subsequently, CBI registered FIRs against them for converting demonetised currencies into new currencies fraudulently.

 

The ED is conducting investigation under PMLA against Reddy and others based on the CBI cases registered against them in relation to such seizures and already about Rs 34 crores of new currency seized was provisionally attached.

 

Reddy was examined under the provisions of PMLA. He has stated that cash seized by the Income Tax department belongs to his SRS mining Company and he admitted that it was an unaccounted money.

 

He has not divulged the actual source of new currencies other than stating that it is from the sand mining business.

 

Srinivasulu has stated that he used to receive money from SRS mining and used to use a part of the same for converting into gold bars through Premakumar as per the instructions of Sekhar Reddy. Remaining cash was kept at various premises and the same was earlier recovered and seized by Income Tax department.

 

Partners SRS mining stated that they used to transport huge cash by road without accompanying any accounts for the said amounts. It was admitted that they have not maintained any accounts against the collections and expenses so as to conceal the illegal earnings from the accounted income.

 

They converted a part of such unaccounted monies in to gold bars through Premkumar. During the searches 3O kgs of gold bars valued at Rs.8,56,99,350 were recovered and seized by the Income Tax Department authorities from the residential premises of Prem Kumar.

 

Premkumar has stated that he used to receive money from Srinivasulu, an associate of Sekhar Reddy.

 

Reddy, for purchase of one kg Gold bars and the said seized 30 kg gold bars from his residence was purchased accordingly using the demonetized currency and belongs Reddy.

 

Srinivasulu and Reddy admitted the same and stated that it was procured from the unaccounted money and belong to SRS Mining. However other two partners of SRS Mining, Ramachandran and Rethinam denied the same and stated that they never instructed for purchase of Gold bars and it may be as per the instructions of Reddy only.

 

On reasonable belief that the seized 3O kgs of Gold bars, worth Rs. 8,56,99,35O are part of proceeds of crime, the same were provisionally attached under the provisions of PMLA .

 

Further investigations are in progress.


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