Sekhar Reddy comes out in bail, but destination Delhi

Sekhar Reddy comes out in bail, but destination Delhi

The Madras High Court has granted bail to sand mining baron Sekhar Reddy and his two associates, arrested by the Enforcement Directorate on charges of money laundering.

Reddy has been asked to report at the Enforcement Directorate office in Delhi every day at 10.30 am until further orders. The accused have also been asked to furnish sureties.

Justice S Bhaskaran granted bail to Reddy and his associates, Srinivasulu and Premkumar, on a bail bond of Rs 10 lakh each with two sureties of the same amount to the satisfaction of the CBI court at Chennai.

Reddy had been granted bail earlier in March, but was arrested by the ED on charges of money laundering a few days after his release. He had first been arrested by the Central Bureau of Investigation in December after Income Tax Department officials had found crores of unaccounted for wealth at his office.

Justice Bhaskaran granted bail to the trio observing that there appears to be no material to prove that the accused are guilty of the offence and “further as the limitations of Section 45(1) of PMLA is not applicable, it should be treated as regular bail.”

Reddy had also been expelled from the Tirumala Tirupati Devasthana after the I-T Department raided his premises on December 8 and 9.