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Shekhar Reddy, Associates Remanded in Judicial Custody till January 17

J Shekhar Reddy produced at a CBI court.(PTI Photo)

Chennai: CBI court on Tuesday remanded sand mining baron J Shekhar Reddy and four others in judicial custody till January 17 in a fresh case relating to seizure of currency notes from his house in the city.

Judge Venkatasamy of the 11th CBI court dealing with bank fraud cases sent all of them to judicial custody in the fresh case filed by the investigating agency against Reddy and his associates in connection with the seizure of currency from his
house at Venkat Narayanan Road.

Earlier, CBI special judge G Vijayalakshmi had transferred to the 11th CBI court the cases related to arrest of Reddy and
others in connection with alleged seizure of over Rs 170 crore, including new currency notes, from their premises.

CBI had filed a plea seeking transfer of all the cases to a court dealing with bank fraud cases.

The special judge had on December 30 dismissed the bail petitions of the accused. The judge had also dismissed a petition filed by CBI seeking their custody for interrogation.

Reddy and his associates were arrested by 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 since demonetisation was announced on November 8.

Cases have been registered against them for various offences under IPC including criminal breach of trust, cheating and criminal conspiracy and under Sections 13(1) and (2) of the Prevention of Corruption Act.