ED attaches 50 kg gold seized from Sekhar Reddy

The gold was seized by the Income Tax department from a flat in T Nagar, during one of its biggest operations. The flat belonged to SRS Mining, a company owned by Sekhar Reddy and his associates. 

During the raids, IT had seized about Rs 97 crores worth demonetised currency, Rs 34 crore worth new currrency and 177 kg gold from Sekhar Reddy and associates. 

The anti-corruption bureau of CBI then registered a case and arrested Sekhar Reddy and four of his associates after the agency found out that the demonetised notes were illegally exchanged for new notes. 

Enforcement Directorate then registered a PMLA case against the accused and arrested them. The agency had been attaching the unaccounted valuables and properties owned by SRS Mining after listing them as properties acquired through criminal means. The agency has already attached the cash and gold recovered from Prem Kumar and Srinivasulu.