ED searches several locations in Karnataka, Andhra Pradesh in money laundering case

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NEW DELHI: 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 Suryanarayana Reddy, Bharath Reddy and others. The ED initiated the investigation on the basis of an FIR registered by Gandhi Nagar Police Station in Ballari.

The search 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 lakh, establishing the involvement of Bharath Reddy, his personal assistant Rathna Babu and others in mobilising substantial amounts of cash for illegal payments.

According to the incriminating evidence, Bharath Reddy mobilised approximately Rs 42 crore in cash over a few months, just before the Assembly elections, utilising 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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