Delhi Excise Policy case: Rouse Avenue Court sends two businessmen to judicial custody
Special Judge MK Nagpal on Monday decided to send businessmen P Sarath Chander Reddy and Binoy Babu to judicial custody till December 5, 2022
NEW DELHI: The Rouse Avenue Court on Monday sent two businessmen to judicial custody in connection with ED's ongoing money laundering probe into the Delhi Excise policy 2021-22.
Special Judge MK Nagpal on Monday decided to send businessmen P Sarath Chander Reddy and Binoy Babu to judicial custody till December 5, 2022. The court noted that the Enforcement Directorate department is still investigating the matter to trace the proceeds of crime and the involvement of other persons in the offence of money laundering.
Both businessmen were produced before the court on Monday after the end of their ED remand.
The businessmen are Sarath Chandra Reddy and Binoy Babu. They were arrested on November 10, 2022 under the Prevention of Money Laundering Act following long questioning with them at the Enforcement Directorate headquarters. Reddy is the head of a Hyderabad-based Aurobindo Pharma company and is engaged in the liquor business. Babu is the head of a company named Pernord Ricard.
Both the businessmen were held based on their alleged involvement in ED's ongoing investigation in the Delhi Excise Policy money laundering case.
Earlier, the ED in its arguments against Sarath Reddy submitted that it is amply evident that he had actively planned and conspired with various business owners and politicians and indulged in unfair market practices to gain undue advantage in the Delhi Excise Policy, 2021-22. (ANI)