(MENAFN- Live Mint) The Enforcement Directorate on Friday raided multiple locations linked to Telangana Revenue Minister P Srinivasa Reddy and some others in a money laundering case. The congress Minister faces accusations related to an alleged smuggling racket worth more than ₹100 crore, according to officials.
About five premises in the state, including Hyderabad, are being searched, PTI reported, citing officials' statement. The sources stated that 16 teams of ED are conducting raids in the Minister's residence and Raghav company MD and Directors' residences and offices located in Banjarahills, Hyderabad, according to Deccan Chronicle.
The money laundering case comes after the Directorate of Revenue Intelligence (DRI) complaint against P Srinivasa Reddy's son, Harsha Reddy.
The charges were levied after Harsha Reddy of the Raghav Group purportedly purchased seven watches worth ₹5 crore.
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The payments for these are related to an alleged hawala and crypto currency racket worth ₹100 crore, PTI reported. An individual identified as A Naveen Kumar is under ED's scanner in connection with the case.
Ponguleti Srinivasa Reddy has previously come under ED scrutiny, with similar searches conducted at his residences in November 2023, shortly before the Telangana Assembly elections.
Ponguleti Srinivasa Reddy has been the Minister for Revenue, Housing, Information and Public Relations in the Telangana government since December 7, 2023.
This development comes two days after the Revenue Minister, in a post on X, said that 604 bicycles were distributed by PSR Trust to girls studying in Classes 8th to 10th on September 24.
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On Tuesday, P Srinivasa Reddy laid the foundation stone for the construction of additional classrooms in Zilla Parishad High School, which encompasses measures for the three-phase power supply needed by the school.
ED's“fake” degrees Shimla case
In another latest development linked to the federal agency, the ED said it approached a court in Shimla on Thursday to declare the Australian-based wife and son of the promoter of a Himachal Pradesh private university as fugitive economic offenders in a case linked to the sale of“fake” degrees.
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The Enforcement Directorate filed an application under the Fugitive Economic Offenders Act (FEOA) of 2018 before a special Prevention of Money Laundering Act (PMLA) court in Shimla in relation to the case associated with the promoter of Solan-based Manav Bharti University.
(With PTI inputs)
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