Hyderabad: The Enforcement Directorate (ED) officials, who found violations of the Foreign Exchange Management Act (FEMA) by TRS MLA Manchireddy Kishan Reddy, verified his bank statements after he allegedly received large sums from various countries.
Kishan Reddy, who appeared before ED officials for the second day on Wednesday at the ED office in Basheerbagh, was reportedly grilled for 10 hours and submitted bank account statements and balance sheets for verification.
According to sources, a few transactions were carried out by foreign account holders for no apparent reason. The ED suspects that the TRS MLA violated FEMA rules and regulations because he made transactions worth crores of rupees. The investigation agency, armed with a slew of documents, looked into the ruling MLA’s business activities and income sources between 2014 and 2018.
The TRS MLA was grilled by ED officials allegedly about investments in an Indonesian gold mine.
According to sources, ED officials have verified email and text messages received from various banks regarding money transactions, as well as bank statements. Kishan Reddy was questioned by the investigation agency about how he showed profits in his business in crores of rupees in a short period of time and how he invested in overseas businesses without proper income sources.
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