Excise Policy case: Court sends two businessmen to judicial custody

21 November, 2022 | Vaishali Sharma

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The Rouse Avenue Court on Monday ordered the custody of two individuals in connection with the ED's ongoing money laundering investigation into the Delhi Excise policy 2021-22.

The Rouse Avenue Court on Monday ordered the custody of two individuals in connection with the ED’s ongoing money laundering investigation into the Delhi Excise policy 2021-22.

On Monday, Special Judge MK Nagpal ordered the detention of businessmen P Sarath Chander Reddy and Binoy Babu till December 5, 2022. The court stated that the Enforcement Directorate is continuing examining the situation in order to trace the proceeds of crime and the involvement of other people in the money laundering offence.

Both businesspeople were brought before the court on Monday after their ED remand expired.

Sarath Chandra Reddy and Binoy Babu are the businessmen. Following extensive questioning at the Enforcement Directorate headquarters, they were detained on November 10, 2022 under the Prevention of Money Laundering Act.

Reddy is the owner of a liquor store in Hyderabad and the CEO of an Aurobindo Pharma company. Babu is the CEO of the Pernord Ricard corporation.

Both businessmen were detained in connection with the ED’s continuing investigation into the Delhi Excise Policy money laundering case.

Previously, the ED argued in its arguments against Sarath Reddy that it is abundantly clear that he actively planned and collaborated with numerous business owners and politicians, as well as engaged in unfair market practises, to acquire an unfair advantage in the Delhi Excise Policy.

Other accused are a former employee of Pernod Ricard Manoj Rai, director of Brindco Sales Amandeep Dhal, director of Buddy Retail Amit Arora and Dinesh Arora, authorised signatories of Mahadev Liquors Sunny Marwah, Arun Ramchandra Pillai and Arjun Pandey.