By Trend News Line 2024-02-13 10:33:59.
ED Seizes Rs 31 Lakh in Unaccounted Cash During Money Laundering Case Investigation
The Enforcement Directorate (ED) announced on Tuesday that it has seized a significant amount of cash worth Rs 31 lakh during its searches at various locations in Karnataka and Andhra Pradesh. These searches were conducted in connection with a money laundering case that falls under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The case was registered against two individuals, namely Surya Narayana Reddy and Bharath Reddy, and originated from an FIR filed in Karnataka’s Bellary.
According to the agency’s statement, the ED found compelling evidence suggesting that Bharath Reddy had allegedly mobilized around Rs 42 crore in cash just before the assembly elections. The funds were then utilized for unlawful transactions. During the search proceedings, the ED discovered a network of incriminating documents, business records, and details of both immovable and movable properties. In addition, a substantial amount of unaccounted cash totaling Rs 31 lakh was seized. This evidence firmly establishes the involvement of Bharath Reddy, his assistant Rathna Babu, and others in the illegal mobilization of cash for illicit payments.
Further investigation conducted by the ED revealed that Sharath Reddy, who happens to be Bharath Reddy’s brother, made undisclosed investments in foreign-based companies. The accused individuals were also found to have invested in properties using benami names and obtained suspicious loans from relatives, utilizing their bank accounts without their knowledge.
The ED emphasized that the investigation is still ongoing, indicating that more revelations and developments are likely to come to light in due course.
The seizure of unaccounted cash and the discovery of incriminating evidence by the ED serve as a significant breakthrough in uncovering the complex web of money laundering operations. These actions highlight the agency’s commitment to combating financial crimes and ensuring that those responsible are held accountable.
The ED’s relentless efforts in this case underscore the importance of strict enforcement of anti-money laundering laws. By cracking down on illicit financial activities, the agency aims to safeguard the integrity of the financial system and protect the interests of the public at large.
As investigations continue, it is expected that more details will emerge, shedding light on the extent of the money laundering network and the individuals involved. The ED remains determined to follow the trail of illicit funds, leaving no stone unturned in its pursuit of justice..
– Seizure of Rs 31 lakh cash during searches in Karnataka and Andhra Pradesh
– ED seizes cash during searches in Karnataka and Andhra Pradesh.