December 30, 2016
A CBI court on Friday dismissed the bail plea of former Tirumala Tirupati Devasthanams (TTD) board member and industrialist J. Sekhar Reddy and his associates, who were arrested in connection with an alleged seizure of unaccounted money from their premises.
The Special Judge for CBI, Vijayalakshmi, passed orders dismissing their bail pleas.
Sekhar Reddy and his associates were arrested by the CBI on December 21 following the seizure of 127 kg gold and over Rs 170 crore in cash, including new currency notes, from their premises by the Income-Tax department in coordinated searches.
The five have been accused of converting the unaccounted cash held by them in old currency notes to new notes with the help of unknown public servants of different banks within 24 days from the date demonetisation on November 8.
Cases have been registered against them for various offences under the IPC including criminal breach of trust, cheating and criminal conspiracy and under Sections 13(1) and (2) of Prevention of Corruption Act.