ED Raids in Chennai, Hyderabad Linked to Sasikala in ₹200 Crore Bank Fraud Case

The ED raided locations linked to G.R.K. Reddy of the Marg Group, a suspected benami agent for V.K. Sasikala, in a ₹200 crore bank fraud and money laundering case.

Chennai: The Enforcement Directorate (ED) conducted raids at several locations in Chennai and Hyderabad on Thursday. This action is related to the investigation into an alleged ₹200 crore bank fraud and a case of benami properties.

Who was action taken against?

The ED raided at least 10 locations. These locations are said to be linked to a person named G.R.K. Reddy. Reddy is associated with the Marg group and is accused of being Sasikala's benami agent.

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Why did Sasikala's name come up?

Sasikala is considered a close associate of the late Tamil Nadu Chief Minister J. Jayalalithaa. She has previously been accused of benami properties and corruption. This raid has once again brought her name into the headlines.

Under which law is the investigation?

This action is being conducted under the provisions of the Prevention of Money Laundering Act (PMLA). This act is used to investigate illegally acquired money and benami properties.

What is the matter?

This entire case is related to an alleged bank fraud of ₹200 crore. The Central Bureau of Investigation (CBI) has already filed an FIR in connection with this scam. The ED is now investigating the money flow and benami properties related to the case.

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Why is it important?

Sasikala is already embroiled in several corruption cases. If this investigation uncovers strong evidence against her, it could have a major impact on South Indian politics.