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
Nuclear drill goes off script: Malaysia police helicopter crashes into river; 5 injured- Watch video
Durand Cup returns to Imphal with a grand trophy tour
John Textor issues statement as Crystal Palace's Europa League fate hangs in the balance
India emerging as reliable partner in global value chain: V-P Dhankar
Bryan Mbeumo 'frustrated' as Man Utd transfer insider dishes dirt on delayed deal