Principal Sessions Judge A Nazeema Banu rejected the bail petitions of Reddy and his associates Srinivasulu and Premkumar.
The three were arrested by the ED on March 20 in connection with the seizure of Rs 34 crore in new Rs 2000 currency notes post-demonetisation in December last year.
They have been booked under the provisions of the Prevention of Money Laundering Act based on an FIR registered by CBI over the seizure of the cash.
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