Hyderabad: The Enforcement Directorate on Thursday conducted searches in Hyderabad, Chennai, and Tirupati in connection with a ₹200 crore bank fraud case allegedly involving VK Sasikala, a close aide of former Tamil Nadu chief minister J Jayalalithaa, and others.At least 10 premises linked to GRK Reddy of Marg Group, described as an alleged benami of Sasikala, were searched under provisions of the Prevention of Money Laundering Act. The searches covered multiple sites in Chennai, as well as locations in Hyderabad and Tirupati. Sources said the income tax department had earlier identified Reddy as a benamidar for assets held in the Marg Group. A benamidar is someone in whose name property is registered while the real beneficiary remains concealed. ED officials said Thursday’s action builds on those findings, aiming to track assets allegedly parked in others’ names to mask true ownership. Investigation trail In Chennai, properties tied to Reddy were among those searched, while in Tirupati a smaller premises connected to the case was covered. In Hyderabad too, officials examined documents linked to Reddy, a native of Tenali, Andhra Pradesh, who studied in Vijayawada before building his business empire. The ongoing probe is focused on suspected diversion of bank loans and layering of funds. The ED is now scrutinising property documents, bank records, and financial transactions to trace the alleged ₹200 crore fraud trail.
