Wads of Currency, Mounds of Gold Seized: TTD Trust Board Member Sacked

10 Dec, 2016 13:37 IST|Sakshi
Chandrababu with Sekhar Reddy

In a comeuppance of sorts, the Andhra Pradesh Government has finally removed sand supplier-cum-AIADMK supporter Sekhar Reddy from the Trust Board of Tirumala Tirupati Devasthanams. This was done after wads and wads of old and new currency and huge amount of gold in bars has been seized from his during the IT raids.

From Sand-seller To Rs 1000-Cr Biz Man

Sekhar Reddy, who was a mere sand supplier till 2011, has changed parties and climbed up the ladder and grew stinking rich within just five years. He is reportedly Rs 1000 crore worth and is known to have direct access to Poes Garden in Chennai. He was appointed TTD Board member last year.

IT raids, which were based on credible input from the intelligence agencies, unearthed Rs 127 kgs of gold, 26.29 crore worth of new currency and Rs 96.89 crore of demonetised currency. On Saturday, another Rs 24 crore of new currency notes were seized as they were being ferried across in a car to Nellore.

How Did He Get The Money?

Interestingly, Reddy has admitted that the cash belonged to him. The IT sleuths said they have understood the modus operandi of Sekhar Reddy and added that there were no bank slips on the new currency notes. The IT sleuths said they were also looking into the role of the bank officials.

Sekhar Reddy's business partners Prem Reddy, Srinivas Reddy and Kiran Reddy have also been raided and amounts were recovered from their Chennai and Veluru residences.

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