ED Raids Congress MLA Subba Reddy’s Properties In Bengaluru & Chikkaballapur Over FEMA Violations

Bengaluru: The Enforcement Directorate has raided five premises in Bengaluru and neighboring Chikkaballapur districts, including the house of Bagepalli Congress MLA Subba Reddy and his four associates for FEMA violations.

After verifying the documents, the ED officials took Subba Reddy and his associates for questioning regarding their financial dealings and accounts in foreign banks.

Subba Reddy runs a chain of restaurants -- Bhagini in Bengaluru and surrounding districts. Most of the investments have been shown as coming from Malaysia, Hong Kong, Germany and Singapore.

However, the ED has unearthed large sums of deposits in these investor bank accounts in the names of Subba Reddy's family members. Most of the vehicles and land investments were also made through transactions from these accounts, but shown as Foreign Direct Investment.