New Delhi [India]: The Rouse Avenue Court on Thursday extended the Enforcement Directorate remand till November 21 for two businessmen of Andhra Pradesh and Telangana in connection with its ongoing money laundering probe into the Delhi Excise policy 2021-22.
Earlier they were sent to the seven days’ remand by the court. The businessmen are Sharath Chandra Reddy and Binoy Babu. They were arrested last week 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. However, Babu is the head of a company named Pernord Ricard.
Both the businessmen were held based on their involvement in ED’s ongoing investigation in the Delhi Excise Policy money laundering case.
The Special Judge MK Nagpal on Thursday noted that Enforcement Directorate required their further custody to confront some witnesses, evidence and voluminous documents.
Appearing for Sharath Reddy’s Senior Advocates Sudhir Nandarjog and Siddharth Luthra opposed the further remand to him.