ED Seizes Cash and Documents in Multi-Crore Money Laundering Case

The Enforcement Directorate seized Rs 19 lakh and numerous property documents in raids targeting BRS MLA Gudem Mahipal Reddy and his brother Gudem Madhusudan Reddy. The investigation is related to illegal mining and money laundering, with the accused allegedly amassing Rs 300 crore via illicit excavations and evading government royalties.

On Friday, the Enforcement Directorate (ED) announced the seizure of Rs 19 lakh and numerous property documents in the names of benami persons during raids on premises linked to BRS MLA Gudem Mahipal Reddy and his businessman brother, Gudem Madhusudan Reddy, in Hyderabad and its vicinity.

The raids, initiated on Thursday, targeted approximately ten locations as part of a money laundering investigation connected to alleged illegal mining. The case originated from an FIR filed by Telangana Police against Santhosh Sand and Granite Supply in Patancheru, Hyderabad, promoted by Gudem Madhusudan Reddy.

The ED's statement revealed that during the search operations, unaccounted cash and several property documents in the names of unrelated persons, suspected to be benamis, were confiscated. Mobile phones containing evidence of cash dealings and bank locker keys were also seized. The lockers are expected to provide more evidence.

According to the ED, the implicated firm had excavated and transported significant quantities of materials beyond permitted areas, amassing Rs 300 crore illicitly and evading Rs 39.08 crore in royalties to the government. Proceeds from these illegal activities were reportedly laundered and invested in real estate.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)