The Enforcement Directorate (ED) on Tuesday said it has seized “unaccounted” cash worth Rs 31 lakh during searches at multiple locations in Karnataka and Andhra Pradesh in connection with a money laundering case.
The case under provisions of the Prevention of Money Laundering Act (PMLA), 2002, was registered against two individuals identified as Surya Narayana Reddy and Bharath Reddy. It stems from an FIR registered in Karnataka’s Bellary and the searches were carried out on February 10, the agency said in a statement.
It said the agency found “incriminating evidence” indicating that Bharath Reddy allegedly mobilised approximately Rs 42 crore cash over a few months just before the assembly elections and utilised the funds for “unlawful transactions”.