Rs 24 crore in 2,000 notes, 50kg of gold seized from Tamil Nadu businessman J Shekhar Reddy on Saturday


CHENNAI: On a day when Chennai industrialist J Shekhar Reddy was removed as trustee from the Tirumala Tirupati Devasthanam Board after I-T raids on his premises on Friday yielded Rs 106 crore unaccounted cash and gold bars worth Rs 36 crore, the IT department seems to have hit an ‘Akshayapathra’ as more gold and cash were seized during raids on Saturday.
On the third day of the continuing raids, I-T sleuths seized Rs 24 crore in new Rs 2,000 denomination notes belonging to Reddy from a minivan that was roaming the streets of Vellore, about 125km from Chennai. Later in the day, following sustained questioning, Shekhar revealed details of another consignment of gold bars hidden in an apartment at Valluvarkottam in Chennai. I-T officials seized 50kg of gold bars from the apartment where Reddy’s two employees were camping.

“In all, the seizure till now is Rs 130.5 crore in cash and Rs 50.5 crore worth 177kg gold bars. Out of the cash, Rs 96.5 crore is in demonetised currency notes and the remaining Rs 34 crore is mostly in Rs 2,000 denomination,” said an I-T official. The minivan with the cash was on the move in Vellore town ever since I-T raids started at Reddy’s house in Chennai on Thursday morning. Reddy had instructed D Rishi Kumar, his associate, to take the cash from his ancestral house in Vellore and keep roaming till further instructions from him.
The income tax department officials, who had got wind of a vehicle moving around with Reddy’s money, kept scouting for it and finally intercepted it in the early hours of Saturday. Rishi Kumar and a driver were arrested from the vehicle.