ED searches Karnataka Congress MLA in FEMA case over foreign assets

Bengaluru: The Enforcement Directorate (ED) on Thursday carried out searches at the premises of Karnataka Congress MLA S N Subba Reddy and several others as part of a Foreign Exchange Management Act (FEMA) probe into undisclosed foreign assets, according to official sources.

At least five premises in Bengaluru — including the residence of Reddy, who represents the Bagepalli assembly constituency in Chikkaballapura district — were searched under Section 37 of FEMA.

Sources allege that Reddy, 59, and his family members are under investigation for holding unaccounted foreign deposits, including bank accounts, overseas property, and vehicles reportedly purchased in Malaysia, Hong Kong, and Germany.

The ED is examining evidence of foreign bank holdings and investments that may violate Indian foreign exchange laws. The MLA has not issued any statement as of the time of reporting and was not reachable for comment.

The agency's operation is part of a broader crackdown on potential FEMA violations involving public officials and their overseas financial dealings.
(With PTI inputs)