Hyderabad (Telangana) [India], September 27 : Enforcement Directorate on Friday conducted raids at Telangana Minister of Information and Public Relations, Ponguleti Srinivasa Reddy's residence and premises linked to his son Harsha Reddy, who is a promoter of Raghav Group for alleged Hawala transactions.
The ED is investigating the case against Harsha Reddy, who allegedly purchased seven watches for Rs. 5 crores through Crypto and Hawala smuggling racket of more than Rs. 100 crores.
A total of 5 premises linked to the minister and his son are covered in the raids.
The investigations indicate that Harsha Reddy had reportedly acquired the watches from Hong Kong-based Indian luxury watch dealer Muhammed Faherdeen Mubeen through an intermediary, Alokam Naveen Kumar, who confessed to facilitating the sale through cryptocurrency and hawala transactions.
Harsha Reddy is said to have been identified as the buyer of the watches through Naveen Kumar.