Hyderabad: The Enforcement Directorate (ED) has found that the BRS MLA G Mahipal Reddy amassed Rs 300 crore by the sale of illegally excavated material and also evaded royalty to the government.
Click Here To Join Us On WhatsApp
The ED Hyderabad Zonal Office on Friday conducted search operations at 10 locations around Hyderabad in a money laundering case being investigated against M/s Santhosh Sand Granite Supply, Patancheru under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated an investigation based on FIRs registered by Telangana Police against M/s Santhosh Sand Granite Supply, a proprietary concern of Gudem Madhusudan Reddy. The accused firm was found to have excavated and transported an excess quantity of 11,98,743 CBM of building stone road metal within the quarry lease permitted area and 10,11,672 CBM of material beyond the permitted area (on encroached Government land admeasuring 4.37 Ha).
Click Here To Join Us On WhatsApp
In the process, the accused illegally amassed around Rs 300 crore by the sale of illegally excavated material and also evaded a royalty amount of Rs 39.08 crore due to the Government.
The ED investigation revealed that sale proceeds of illegally excavated material were deliberately not reported in banking transactions and books of accounts and that the transactions were suspected to have been carried out in cash.
Click Here To Join Us On WhatsApp
ED investigation revealed that proceeds of crime in the form of cash were laundered by the accused and were invested in real estate and other activities.
The search operations led to the seizure of unaccounted cash of Rs 19 lakh along with a large number of property documents in the names of unrelated persons who are suspected to be benamis of accused persons. Mobile phones containing evidence related to cash dealings were also seized.
Click Here To Join Us On WhatsApp
Bank locker keys were also recovered and examination of the bank lockers is expected to reveal further incriminating evidence. Further investigation is under progress.
Next Story :
WATCH: 8-Foot Snake Rescued From Shah Rukh Khan’s Mannat
An 8 foot snake was rescued from Shah Rukh Khan’s Mannat in Mumbai after two snakes were spotted in the garden.
Zaheerabad Smart City To Boost Industry And Employment: Sridhar Babu
Hyderabad, Aug 18 (Maxim News): IT and Industries Minister for Telangana state Duddilla Sridhar Babu stated that the Zaheerabad Industrial Smart City would provide a fresh boost to Telangana’s industrial sector and generate direct and indirect employment opportunities for 200,000 people once fully operational. Here To Join Us On WhatsApp He mentioned that the target…
I Sang The Same Song Sung By Mahatma Gandhi: Kharge
Internet/Hyderabad, Aug 18 (Maxim News): The controversy over the singing of Vande Mataram song at the Congress party headquarters is getting worse. However, party president Kharge tried to justify his behavior. On Tuesday, Kharge clarified that he sang the song sung by the Father of the Nation Mahatma Gandhi, Jawaharlal Nehru and Sardar Vallabhbhai Patel.…
34 Percent Reservation For BCs In Local Body Elections: AP Cabinet Key Decision
Amaravathi/Hyderabad, Aug 18 (Maxim News): Andhra Pradesh Cabinet has taken a key decision to provide 34 percent reservation to BCs in local body elections. The Cabinet took a key decision to the effect in a meeting chaired by CM Chandrababu naidu on Tuesday (August 18), in this meeting, the Cabinet discussed more than 55 agenda…
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News updates
