ED raids Ponguleti in money laundering case
Hyderabad, Sept 27 (INN): The Enforcement Directorate (ED) on Friday conducted searches at multiple properties belonging to Telangana Revenue Minister Ponguleti Srinivas Reddy and his son, Harsha Reddy, in connection with an alleged money laundering case.
The raids were carried out at the minister's residence in Jubilee Hills, Hyderabad, his farmhouse near Himayat Sagar, and other family-owned properties. The ED also searched the premises of a construction firm owned by Harsha Reddy.
The operation extended to various locations in their native district of Khammam, with 16 teams simultaneously conducting searches at homes, offices, and other sites. The raids were part of an ongoing investigation into a money laundering case. Previously, the Directorate of Revenue Intelligence (DRI) had filed a complaint against Harsha Reddy, accusing him of purchasing seven expensive watches worth Rs 7 crore.
Harsha Reddy, who is involved in the construction business, was also summoned by the Customs Department for allegedly purchasing two luxury watches valued at Rs 1.73 crore, smuggled from Singapore and Hong Kong. The watches were reportedly seized from a dealer, Mohammed Mubeen, who had brought them into India from Singapore in February. The investigation revealed that Harsha Reddy had allegedly purchased the watches through A. Naveen Kumar, using hawala and cryptocurrency for payments.
Harsha Reddy has denied the allegations. It is worth noting that the Income Tax Department had also conducted searches at Srinivas Reddy's properties in November last year, just before the Assembly elections.
News Posted: 27 September, 2024
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