Telangana Minister's Home Raided by ED Over Alleged Hawala Transactions

The Enforcement Directorate raided the residence of Telangana Minister Ponguleti Srinivasa Reddy and properties linked to his son, Harsha Reddy, for alleged hawala transactions. The case involves the purchase of luxury watches worth Rs. 5 crores through crypto and a hawala racket exceeding Rs. 100 crores.

The Enforcement Directorate (ED) conducted raids at the residence of Telangana Minister of Information and Public Relations, Ponguleti Srinivasa Reddy, and other properties linked to his son, Harsha Reddy, on Friday. Harsha Reddy, a promoter of the Raghav Group, is under investigation for alleged hawala transactions.

The ED's probe centers around Harsha Reddy's alleged purchase of seven luxury watches worth Rs. 5 crores using cryptocurrency and an extensive hawala racket exceeding Rs. 100 crores. The investigation covers a total of five premises associated with the minister and his son.

Reports indicate that Harsha Reddy acquired the watches from Hong Kong-based Indian luxury watch dealer Muhammed Faherdeen Mubeen, facilitated by an intermediary, Alokam Naveen Kumar. Naveen Kumar has reportedly confessed to facilitating the transactions through cryptocurrency and hawala activities. Harsha Reddy has been identified as the buyer through Naveen Kumar.

(With inputs from agencies.)