Hyderabad: Justice K Lakshman of the Telangana High Court has dismissed a petition filed by former Karnataka minister Gali Janardhan Reddy, his daughter Brahmani, and son Kireeti, seeking the release of seized gold and bonds.
The family had argued that these assets were not proceeds of crime, but the court refused to intervene, stating that the assets cannot be released before the conclusion of the trial.
The assets in question were seized during a CBI raid at Janardhan Reddy’s Ballari residence on September 5, 2011.
The seizure included 53 kilograms of gold, nearly Rs 3 crore in cash, and bonds worth Rs 5 crore from the Stock Holding Corporation of India Ltd. The bonds were purchased in the names of his minor children in 2006 and matured in 2012.
Janardhan Reddy had requested interim custody of the gold, citing its necessity for his daughter’s marriage and expressing concerns that the gold would deteriorate if left in CBI custody.
However, Justice Lakshman ruled that such requests cannot be entertained at this stage, emphasizing that the trial court must first determine the guilt of the accused.
The petitioners were advised to file similar requests before the trial court based on the final verdict.
The Enforcement Directorate (ED) has already seized assets worth Rs 885 crore, including shares in Brahmani’s company, in connection with the illegal mining case involving Janardhan Reddy and his Obulapuram Mining Company.
Both the ED and the income tax department claim that these assets are proceeds of crime related to illegal mining activities.
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