ED Raids Telangana Minister Ponguleti Srinivasa Reddy’s Home Over Son’s Alleged Hawala Transactions
The Enforcement Directorate (ED) conducted raids on Friday at the residence of Telangana Minister of Information and Public Relations, Ponguleti Srinivasa Reddy. The raids also covered premises linked to his son, Harsha Reddy, who is a promoter of Raghav Group. The investigation is focused on alleged hawala transactions and the purchase of luxury watches worth Rs. 5 crores through cryptocurrency.
Harsha Reddy is accused of being involved in a hawala smuggling racket of more than Rs. 100 crores. The ED is investigating five premises linked to the minister and his son. Reports indicate that Harsha Reddy acquired the watches from Hong Kong-based Indian luxury watch dealer Muhammed Faherdeen Mubeen through an intermediary, Alokam Naveen Kumar. Naveen Kumar confessed to facilitating the sale through cryptocurrency and hawala transactions.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering.
Raids -: Raids are sudden visits by police or other officials to search for something illegal. In this case, the ED is searching for evidence of financial crimes.
Telangana -: Telangana is a state in southern India. It has its own government and ministers.
Minister -: A minister is a high-ranking official in the government. They are responsible for specific areas like health, education, or finance.
Hawala -: Hawala is an informal way to transfer money without moving it physically. It is often used to avoid taxes or hide illegal money.
Cryptocurrency -: Cryptocurrency is digital money that uses special technology to be secure. Bitcoin is a famous example.
Luxury watches -: Luxury watches are very expensive and high-quality watches. They are often made by famous brands and can cost a lot of money.
Hong Kong-based dealer -: A Hong Kong-based dealer is a person or company in Hong Kong that sells goods. In this case, they sell luxury watches.
Intermediary -: An intermediary is a person or company that helps make a deal between two other people or companies. They act as a middleman.
Premises -: Premises are buildings or places. In this case, it refers to the places being searched by the ED.
