Money Laundering case: ED conducts searches at several locations in Karnataka, Andhra Pradesh
The Directorate of Enforcement (ED) has conducted searches on February 10, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at multiple locations in Karnataka and Andhra Pradesh.
ANI
Feb 13, 2024 23:44 IST
New Dehli [India], February 13 (ANI): The Directorate of Enforcement (ED) conducted searches on February 10 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, at multiple locations in Karnataka and Andhra Pradesh.
This action is part of an investigation into Surya Narayana Reddy, Bharath Reddy and others.
The ED initiated an investigation on the basis of an FIR registered by Gandhi Nagar Police Station, Bellary, Karnataka. The search proceedings conducted by ED revealed a network of incriminating documents, business records, and details of both immovable and movable properties. Crucial evidence was seized along with unaccounted cash of Rs. 31 lakhs, establishing the involvement of Bharath Reddy, his personal assistant, namely Rathna Babu and others in mobilizing substantial amounts of cash for illegal payments.
According to the incriminating evidence, Bharath Reddy mobilized approximately Rs. 42 crore in cash over a few months, just before the assembly elections, utilizing the funds for unlawful transactions.
The ED investigation also revealed that Sharath Reddy (brother of Bharath Reddy) made undisclosed investments in foreign-based companies. The accused individuals were found to have invested in properties under 'Benami' names and obtained suspicious loans from relatives, utilizing their bank accounts without their knowledge.
Further investigation is in progress. (ANI)
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