The Enforcement Directorate (ED), following its raids on various premises associated with Ballari City MLA Nara Bharath Reddy on February 10, has disclosed significant findings. The ED alleges that crucial evidence uncovered during the raids indicates that Reddy managed to mobilize approximately ₹42 crore in cash in the months leading up to the Assembly elections, utilizing these funds for illicit transactions.
Initiating an investigation under the Prevention of the Money Laundering Act (PMLA), 2002, based on an FIR filed by the Gandhi Nagar police station in Ballari, Karnataka, the ED is looking into the activities of Surya Narayana Reddy, Bharath Reddy, and others.
The raids resulted in the seizure of incriminating documents, business records, details of both immovable and movable properties, and unaccounted cash amounting to ₹31 lakh. The ED, in a statement issued on Tuesday, asserted that these findings establish the involvement of Bharath Reddy, his personal assistant Rathna Babu, and others in the mobilization of substantial amounts of cash for illegal payments.
Furthermore, the ED claimed that their investigation unveiled undisclosed investments in foreign-based companies by Sharath Reddy, the brother of Bharath Reddy. The accused individuals were allegedly involved in making investments in properties under benami names and obtaining suspicious loans from relatives, utilizing their bank accounts without their knowledge.
