Mining baron Shekhar Reddy arrested following IT raids; 127 Kg gold, Rs 131 cr cash seized

New Delhi

Updated: December 21, 2016 17:39 IST

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At the time of the announcement of demonetisation on November 8, 2016, there had been Rs 17.50 lakh crore currency in circulation, out of which Rs 15.50 lakh crore consisted of Rs 500 and Rs 1000. (PTI)

In a major impact of the demonetisation policy, since its implementation on November 8, Tamil Nadu sand mining baron, Shekar Reddy, had been arrested following massive seizure after the Income Tax department raided his premises. Following the raid the IT department had seized currency notes worth Rs 131 crore, including Rs 34 crore of new notes and 127 kg gold from the TN businessman.

Earlier, on December 11, the IT department had raided the premises of Reddy, following which he was expelled as a member of the Tirumala Tirupati Devasthana. Reddy’s firm, JSR Infra Developers is ranked as a Class One Contractor, which facilitates it to take up big infrastructural projects.

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Reportedly, as an after affect of the December 11 raid, the IT department had, today, conducted raid at the premise of Tamil Nadu Chief Secretary P Rama Mohana Rao.

This article was first uploaded on December twenty-one, twenty sixteen, at twenty-eight minutes past five in the evening.