New Delhi: The Rouse Avenue court on Thursday sent the two arrested Telugu businessmen from Telangana and Andhra Pradesh to a week’s remand of Enforcement Directorate. Sharath Chandra Reddy and Binoy Babu were arrested in connection with Delhi Excise policy scam.

The two businessmen were arrested under Prevention of Money Laundering Act (PMLA) as they were allegedly found involved in the excise money laundering case. They were produced before Special Judge MK Nagpal who sent them into 7-days remand.

As per sources, Sharath Chandra Reddy runs Hyderabad-based Aurobindo Pharma company and is also into liquor business while Binoy Babu holds key responsibilities in Pernod Ricard company, a beverage company.

Seeking their custody, the ED officials told the court that Sarath Reddy had ‘actively planned and conspired with various business owners and politicians and indulged in unfair market practices to gain undue advantage in Delhi Excise Policy.”

Delhi’s Excise Policy 2021-22 came under the scanner after the Delhi Lieutenant Governor recommended a CBI probe into the alleged irregularities in the implementation of the scheme. The CBI has made Delhi’s Deputy chief minister Manish Sisodia accused number one in its FIR. It is alleged that Sisodia had allegedly given an exemption of Rs 30 crore to the liquor businessmen. Also, the Delhi Excise policy rules were made by violating excise rules.

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