ED Searches Telangana Minister's Premises, Others in Money Laundering Case

Raids by the ED at several premises linked to Telangana minister P Srinivasa Reddy are part of a money laundering probe concerning an alleged Rs 100 crore smuggling racket. The investigation focuses on transactions made by Reddy's son, who reportedly brought seven watches valued at Rs 7 crore, with payments linked to a hawala and cryptocurrency scheme.

Hyderabad: The Enforcement Directorate on Friday raided multiple premises linked to Telangana revenue minister P Srinivasa Reddy and some others as part of a money laundering case linked to an alleged smuggling racket of more than Rs 100 crore, official sources said.

About five premises in the state, including Hyderabad, are being searched, they said. The money laundering case stems from a Directorate of Revenue Intelligence (DRI) complaint against Reddy's son, Harsha Reddy of the Raghav Group, who is alleged to have purchased seven watches worth Rs 7 crore.

The payments for these are linked to an alleged hawala and crypto currency racket worth Rs 100 crore and a man named A Naveen Kumar is under the scanner of the ED.

Ponguleti Srinivasa Reddy, a Congress leader, is the minister for Revenue, Housing, Information and Public Relations in the Telangana government.