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ED seizes 50 kg gold ingots, bars in Sekhar Reddy PMLA case

ED seizes 50 kg gold ingots, bars in Sekhar Reddy PMLA case
Gold ingots and bars weighing 50 kg and worth about Rs 14 crore have been attached by the ED in connection with its money laundering probe against Tamil Nadu sand mining baron J Sekhar Reddy and others. The case was registered post demonetisation.

The central probe agency said it has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), attaching the gold it had recovered after searches in this case. The total value of the attached gold, weighing 49.48 kg, is over Rs 13.96 crore, it said.

"In addition to this attachment, till date, the ED has attached Rs 10 crore in demonetised currencies, 6.5 kg gold bullion, Rs 34 crore of new currency and 30 kg of gold. The total attachments in this case adds up to about Rs 68.5 crore," the Enforcement Directorate (ED) said in a statement.

The ED, in March this year, had arrested Reddy and his two alleged associates K Sreenivasulu and P Kumar in this case.

Reddy was earlier arrested by the CBI too in the same case of alleged black money generation post the note ban.
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