ED Raids Telangana Minister P Srinivasa Reddy’s Properties In Rs 100 Crore Money Laundering Case

The raids come amid allegations that Telangana Revenue Minister P Srinivasa Reddy is involved in a smuggling racket valued at over Rs 100 crore, according to officials.

The ED also targeted properties tied to the minister's son, Harsha Reddy, who is a promoter of the Raghav Group.

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The Enforcement Directorate (ED) on Friday conducted raids at multiple locations linked to Telangana Revenue Minister P Srinivasa Reddy in connection with a major money laundering investigation. The raids come amid allegations that the minister is involved in a smuggling racket valued at over Rs 100 crore, according to officials.

The ED also targeted properties tied to the minister's son, Harsha Reddy, who is a promoter of the Raghav Group. Investigators allege that Harsha Reddy is involved in hawala transactions and cryptocurrency dealings related to the purchase of luxury watches.

According to sources quoted by ANI, ED officials raided five premises linked to the minister and his son as part of the ongoing probe. Harsha Reddy is accused of purchasing seven luxury watches worth Rs 5 crore from a Hong Kong-based Indian watch dealer, Muhammed Faherdeen Mubeen, through an intermediary named Alokam Naveen Kumar. The transactions were allegedly facilitated through cryptocurrency and hawala channels.

Enforcement Directorate (ED) officials conducting raids at Telangana Minister of Information and Public Relations Ponguleti Srinivasa Reddy's residence and premises linked to his his son Harsha Reddy who is promoter of Raghav Group. ED is investigating case against Hasha Reddy…

— ANI (@ANI) September 27, 2024

 

Naveen Kumar, the intermediary, reportedly confessed to assisting in the sale, confirming that Harsha Reddy was the buyer. The ED is now expanding its investigation into the extent of the smuggling racket and its financial operations, including connections to international luxury markets and illegal financial transactions.

In November last year, the Income Tax (IT) Department conducted searches at Srinivasa Reddy's premises ahead of the Assembly elections. The former MP had joined Congress in July, shortly after being suspended by the then-ruling Bharat Rashtra Samithi (BRS) for engaging in anti-party activities.