ED conducts raids at Minister Ponguleti's residence over money laundering allegations

HYDERABAD: The Enforcement Directorate (ED) conducted searches at Telangana minister Ponguleti Srinivas Reddy's residence, creating a stir in state political circles.

The raids began on Friday and extended to multiple locations, including his farmhouse near Himayatsagar and the residences of his daughter and relatives. The ED team, which arrived from Delhi, conducted simultaneous searches at 15 locations as part of an investigation into customs duty evasion and money laundering.

The ED is also probing connections between Ponguleti's businesses, including Shirdi Sai Electricals and Raghava Constructions, and is examining fake guarantees allegedly obtained from Euro Exim Bank. The investigation follows suspicions related to financial transactions and the acquisition of high-value goods through hawala channels.

This is not the first time Ponguleti Srinivas Reddy has been targeted by authorities. During the Telangana Assembly elections, ED officials raided his home, and his son Harsha Reddy was recently investigated by customs officials in connection with a smuggling case involving luxury watches. Reports suggest that Harsha Reddy purchased watches worth Rs 5 crore through crypto and hawala transactions.

The current case dates back to a February 5 incident when customs officials at Chennai Airport seized two expensive watches smuggled into India by a person named Mohammad Fahedin Mubeen from Hong Kong via Singapore. Upon questioning, Mubeen revealed that the watches were intended for a person named Naveen Kumar, who in turn implicated Harsha Reddy during interrogation. It was also discovered that the watches were purchased using hawala funds.

The ED has intensified its investigation, and further developments are expected in the coming days.