A team from the Enforcement Directorate (ED), the agency that probes foreign exchange violations, will be in Hyderabad to question Congress leader and LOP Jagan Mohan Reddy over charges of money laaundering.
The ED will investigate alleged contravention of foreign exchange rules in Jagan Mohan Reddy’s financial transactions and investments, and a team of officials from Delhi and Hyderabad will conduct the probe jointly.
The ED has identified that Jagan has started shell companies to stash money which came from various sources when his father YSR was the CM of AP. If Jagan faults in answering the ED properly he could be arrested one of the police sources said.
India’s financial crime investigation agency on Saturday raided more than 100 locations across 16 states in a sweeping crackdown on dubious companies suspected of money laundering on behalf of businesses and individuals including two top politicians.
The Enforcement Directorate (ED) launched the early morning raids targetting 300-odd shell companies, many of which are fronts for a slew of illegal transactions and crime and act as the backbone of India’s huge shadow economy. The raids were carried out under ‘Operation Shell Companies’.
“Some of the companies were involved in major money laundering cases related to Chaggan Bhujbal, YS Jagan Mohan Reddy, Yadav Singh, NHRM, AGS Infotech, Rajeshwar Exports etc while some other entities were found to have been used for laundering demonetised currency during post demonetization period,” the ED said in a statement.
Some of the searches were also in connection with a scam in the National Rural Health Mission scam in Uttar Pradesh as well as one involving the Jain brothers of Delhi, who were named by the agency when it attached a hotel in Dwarka managed by Radisson Blu in a money laundering case.
An agency official said the operation had three specific targets — bogus import businesses, premises being used for conversion of black money to white and entry operators, actual people involved in money laundering.
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