Chennai realtor name in seizure of old notes

Hyderabad: The name of Chennai based-builder B. Nagi Reddy of Nutech Associates has cropped up after Government Railway Police and customs department nabbed his company’s marketing manager at Rajahmundry’s Godavari railway station with Rs 50 lakh cash in demonetised Rs 1,000 notes on Saturday. Rajahmundry GRP deputy superintendent of police B. Lakshminarayana said that on the basis of suspicion, police had checked a passenger from Chennai who arrived by Bokaro Express, M. Mathi Alagan, 47, of Porur in Chennai, who was working as marketing manager with Nutech Associates.

“We seized Rs 50 lakh in old currency in bundles of 50 notes. Alagan confessed to us that he was given this money by B. Nagi Reddy, owner of Nutech Associates, to hand it over to one Satyanarayana Reddy,” he said. Police suspects that the money was bound for Anaparthy in East Godavari district for conversion into Rs 2,000 notes. According to the Nutech Associates website, Nagi Reddy is the son of Vijaya Reddy, producer and director of Hindi and Kannada films.

Customs department superintendent Pandu Ranga Rao said the cash was being handed over to the income-tax department for further investigation.” An income-tax official said, “We have been informed about a cash seizure. We will be taking over the case.” Based on phone call data, income-tax officials are investigating the role of other persons in the cash conversion racket.
When contacted by this newspaper for his version, Mr Nagi Reddy declined comment saying the phone signal was weak.