CBI too, has been involved in the case to probe the currency source and Shekhar Reddy along with two of his associates were arrested on Wednesday and will be interrogated over it. (Source: IE)

In one of the biggest seizures of bank notes, IT department, on Wednesday seized 177 kg gold including 80 kg recovered from a five star hotel in Chennai and Rs 132 crore in currency notes. The recovery was made by the IT officials in an apartment rented by Shekhar Reddy close to Andhra Club in T Nagar. According to the IT officials, the three bedroom apartment was guarded by his men. Three bundles of cartons with a crore in each was recovered from the premises. The official observed that identicial bundles were recovered from the raids conducted in other premises of Reddy. By now, 14 of Reddy’s premises have been raided by the Income Tax department since 8th of December, reported The Indian Express. Interestingly, the raid conducted in the apartment, the IT officials also found not one, but four currency counting machines.

CBI too, has been involved in the case to probe the currency source and Shekhar Reddy along with two of his associates were arrested on Wednesday and will be interrogated over it. Reddy, who according to report is the owner of a dozen sand quarries and has a business in Vellore, now handles major infrastructure projects. According to the report, Reddy has been in public’s eye even before the Income Tax department had started raiding his premises and also made news when late J Jayalalithaa was released from the Bangalore prison and a photograph of CM O Panneerselvam and Shekhar Reddy standing in front of the Tirupati temple went viral. Shekhar Reddy, who was also a part of Tirumala Tirupati Devasthanams’s managaing body was removed following the incidence.

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A CBI officer also hinted that Reddy case is more than a currency exchange racket and what they are probing are the various angles on the lead that the three people who have been arrested, Reddy, Prem Kumar and K Srinivasulu had hoarded crores of rupees belonging to prominent persons. Reddy’s counsel B Praveen has denied the charges and has expressed that he is confident Reddy will be proved innocent in the case. The councel described Shekhar Reddy as a “humble” and “polite” man. Reddy is married and has a daughter.