After having grilled TRS legislator Manchireddy Kishan Reddy in connection with Foreign Exchange Management Act (FEMA) cases and his business activities between 2014 to 2018 for two days, officials from Enforcement Directorate (ED) are set to serve notices on auditors, who filed his IT returns and prepared balance sheets.
Sources said that the investigation agency obtained information in connection with the foreign investments made by the MLA and verified bank statements.
Reportedly some dubious transactions were found in the bank statements and the MLA was reportedly unable to come clear with explanations. ED officials also found suspicious investments which were not mentioned in the IT returns.
After examining the case, the investigation agency zeroed in on some NRIs and their role in transferring amounts to the MLA's account....