Pramesh S Jain & Dr.Thomas (Special Correspondent)
T
he Directorate of Enforcement (ED) preliminary investigations following a series of raids on the residence and other locations belonging to Surya Narayana Reddy,Bharath Reddy and others.
On Saturday revealed that the accused mobilized approximately Rs.42 Crore in cash over a few months, just before the assembly elections,utilizing the funds for unlawful transactions.
The ED officials on Saturday conducted simultaneous raids under the provisions of Prevention of Money Laundering Act (PMLA),2002,at multiple locations in Karnataka and Andhra Pradesh belonging to Surya Narayana Reddy, Bharath Reddy and others.
ED initiated investigation on the basis of FIR registered by Gandhinagar Police Station,Bellary,Karnataka.
The search and seizure 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,established involvement of Bharath Reddy,his personal assistant identified as Rathna Babu and others in mobilizing substantial amounts of cash for illegal payments.
ED investigation also revealed that Sharath Reddy (brother of Bharath Reddy) made undisclosed investments in foreign-based companies.
The accused were found to have invested in properties under benami names and obtained suspicious loans from relatives,utilizing their bank accounts without their knowledge,official release from the ED,said .
Further investigation is in progress.
