CBI recovers gold worth Rs 2 cr from Srinivas Reddy
By Correspondent | Posted 18-Sep-2011
Investigations into the illegal mining scam on Saturday led to the CBI team opening four out of six bank lockers of Obulapuram Mining Corporation (OMC) managing director Srinivas Reddy to seize gold jewellery worth approximately Rs 2 crore. The team also confiscated Rs 10 lakh in cash and documents relating to lands owned by the Reddys in Karnataka and Andhra Pradesh.
Earlier on Saturday, Reddy, who is being held in CBI custody was brought from Hyderabad to Bellary for further probe into certain financial transactions.
Sources said Reddy had opened the accounts under false names and that the bank manager had collaborated with him. Srinivas Reddy was arrested earlier this month along with his brother-in-law and former Karnataka Tourism Minister Janardhana Reddy in connection with illegal mining.
The Andhra Pradesh Police yesterday also seized Rs 4 lakh from the house of mining baron G Janardhana Reddy's driver Basha along with 2 kg of silver articles and some documents. Basha has been taken by the CBI for questioning.