Bengaluru: The Enforcement Directorate has raided five premises in Bengaluru and neighboring Chikkaballapur districts, including the house of Bagepalli Congress MLA Subba Reddy and his four associates for FEMA violations.
After verifying the documents, the ED officials took Subba Reddy and his associates for questioning regarding their financial dealings and accounts in foreign banks.
Subba Reddy runs a chain of restaurants -- Bhagini in Bengaluru and surrounding districts. Most of the investments have been shown as coming from Malaysia, Hong Kong, Germany and Singapore.
ED Raids 11 Cities In Punjab & Haryana In 'Donkey Route' Illegal Immigration CaseHowever, the ED has unearthed large sums of deposits in these investor bank accounts in the names of Subba Reddy's family members. Most of the vehicles and land investments were also made through transactions from these accounts, but shown as Foreign Direct Investment.
You may also like
50% tariff & 'witch hunt' cry: Why Trump is going all-out against Brazil; is it beyond economics?
Sawan: In Sawan, you get happiness, peace and blessings of Lord Shiva from Shiva Purana and Shiva Charcha, know the amazing benefits..
'I Have Asked Him For Some Tips..': Reddy Credits Cummins' Advice For Bowling Success At Lord's
Professor Robert Winston who was on This Morning QUITS his latest connection
Amitabh Bachchan announces KBC 17 dates in 'Agneepath' style. How to register to participate