Reddy’s bail plea adjourned to December 30

Special Judge for CBI cases Vijayalakshmi, who heard their plea, posted the case to December 30 for orders. Incidentally, when the hearing in the case begun the judge sought the media persons and others to leave the court room. Sekar Reddy and his associate K Srinvasalu were arrested on December 21 and remanded to judicial custody until January 3. 

The Income Tax (I-T) department during the raid had reportedly seized 127 Kg of gold and over Rs 170 crore in cash. However, they were remanded to custody in a CBI registered case for possession of Rs 34 crore in new currency out the total seized amount. Sekar Reddy and his associate Srinivasulu, in their bail pleas had contended that the new currency of Rs 34 crore seized by the department was the collection of hiring charges from supply of sand at the rate of Rs 1.5 crore per day by them. They further submitted that they have 425 lorries and around 180 earth movers, meant for hire by various stockists. 

The process approximately generates a revenue of Rs 25,000 to Rs 30,000 per day as based on its trips round-the-clock. They also submitted that they were the executive directors of JSR infra, reporting a turnover of more than Rs 125 crore and they have been paying tax on their income and therefore there was nothing unusual for Rs 34 crore business income being found in their possession.