The Directorate of Enforcement (ED) that had raided multiple premises linked to Ballari City Congress MLA Nara Bharath Reddy on February 10, has now claimed that crucial evidence it uncovered during the raids indicated “he mobilised approximately ₹42 crore in cash over a few months, just before the Assembly elections, utilising the funds for unlawful transactions”.
The ED said it initiated an investigation against Surya Narayana Reddy, Mr. Bharath Reddy, and others under the provisions of the Prevention of the Money Laundering Act (PMLA), 2002, on the basis of an FIR registered by the Gandhi Nagar police station, Ballari, Karnataka.
The raids led to seizure of incriminating documents, business records, and details of both immovable and movable properties and unaccounted cash of ₹31 lakh, “establishing involvement of Bharath Reddy, his personal assistant Rathna Babu, and others in mobilising substantial amounts of cash for illegal payments,” the ED said in a statement issued on Tuesday.
The ED claimed that the investigation also revealed that “Sharath Reddy (brother of Mr. Bharath Reddy) made undisclosed investments in foreign-based companies. The accused individuals were found to have invested in properties under benami names and obtained suspicious loans from relatives, utilising their bank accounts without their knowledge”.
