The ED and IT sleuths have found out that there are more than a dozen shell companies under the Congress working President Revanth Reddy and he has done a lot of money laundering under Benami transactions evading tax and avoiding the Government from time to time since last 20 years.
An advocate by name Rama Rao filed a case and complained against Revanth reddy resulting in ED searches and IT raids at 15 spots in Telangana which includes the house of Revanths relative and friends. Revanth Reddy, on the other hand, is yet to respond over the issue. His friends have been calling it as a political vendetta. But there is some truth in it. Lot of evidence has come out of it.
There is evidence that Revanth has got machinery from abroad by way of loan and he sold it and resold it again and again in the
name of his relative who is benami to Revanth.
A lot of transactions have also been found from the Singapore banks and business where crores of money has been rotated and swindled. Revanth and company could raise the value of machinery from Rs25 crore to Rs 80 crore which is nothing but a fraud.
Rama Rao the advocate who made a complaint against Revanth said that in 2014 Revanth had a transaction of Rs 20 crore on a single day in the form of foreign currency.
Revanths brother is also involved in Dubai Hawala transactions the advocate pointed out. These are all the details provided by the complainant and the ED or the IT has to give what actually happened in this case.
