Telangana News

Allegedly involved in the illegal exchange of the old notes worth Rs. 6 crores, two people were arrested, who were part of the sensational Sekhar Reddy case.

Identified as Mahavir Hirani and Ashok Jain, the two were arrested under the provisions of the Prevention of Money Laundering Act (PMLA).

A press release by the directorate stated, "Investigations revealed that, using few persons like Mahavir Hirani and Ashok Jain, in Chennai, about Rs 6-7 crores were obtained by Sekhar Reddy, through Parasmal Lodha, who was earlier arrested by ED. Search of the premises of Jain by Income Tax resulted in seizure of Rs 10 crore in old currency and about 6.5 kgs of Gold. Further verification revealed that Hirani and Jain were involved in exchange of old currencies to new currencies on commission basis."

Till January 11th, the duo have been remanded to the judicial custody.

It is known that earlier, Tamil Nadu sand mining baron Shekar Reddy had been arrested, after the Income Tax department raided his and seized the currency notes worth Rs. 131 crores, including Rs 34 crores of new notes and 127 kgs gold.