HYDERABAD: The arrest of another prominent Telugu businessman in the Delhi excise policy scam has sent shockwaves across business circles in Telangana and Andhra Pradesh. P Sharath Chandra Reddy, director of Aurobindo Pharma and Trident Life Sciences, was arrested on Thursday by the Enforcement Directorate (ED) after several rounds of questioning. Sharath has been charged under the Prevention of Money Laundering Act (PMLA).
It is alleged that his firm, Trident Life Sciences, had bagged contracts for retail wine shops in a few excise zones in Delhi. The agency suspects that Sharath diverted money for the liquor business in Delhi from his companies based in Hyderabad and Bengaluru.After his arrest, the business fraternity is wondering whose name would surface in the liquor policy scam next.
Earlier, the Central Bureau of Investigation (CBI) arrested Abhishek Rao Boinpally, the first Hyderabad-based businessman who was allegedly involved in the excise policy scam. According to sources, Abhishek Rao Boinpally has strong connections with a prominent political family, and Sharath Chandra Reddy is a close relative of an Andhra Pradesh MP.
Earlier, the ED and CBI teams conducted raids on the premises of Arun Ramachandran Pillai and Vennemaneni Srinivas Rao; both head separate Telugu media groups in Hyderabad and Karimnagar. Auditor Buchi Babu was also questioned in the case.Two days ago, the ED visited Vennemaneni Srinivas Rao’s native village in the Rajanna-Siricilla district, where they captured videos of his properties.