The Enforcement Directorate (ED) has attached properties worth Rs 34 crore of businessman J.Shekhar Reddy and his associates under the Prevention of Money Laundering Act (PMLA). The provisional attachment has been made in connection with the case of exchanging old or demonetised for new notes. It has been revealed by an investigation that the demonetised currencies are converted to new through various persons on the commission basis. In December 2016, the ED and CBI had registered cases separately against the sacked TTD board member Sekhar Reddy and associates, after income-tax sleuths seized a total of Rs 131 crore cash.
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