Overview

• ED search operations are under way at five Bengaluru locations under Section 37 of FEMA targeting undisclosed overseas assets linked to Subba Reddy and his family
• Complaints allege the MLA holds foreign bank deposits and immovable properties in Malaysia, Hong Kong and Germany
• Subba Reddy has denied any overseas holdings and accused a political rival of orchestrating the complaint and forging documents
• The legislator has pledged to gift any proven foreign assets to the government and plans to comply with the July 14 summons
• An official statement from the Enforcement Directorate regarding the ongoing probe has yet to be released