FEMA Case: ED conduct raids in Hyd and Karimnagar

Hyderabad: Enforcement Directorate sleuths are conducting raids at several granite companies in Hyderabad and Karimnagar on Wednesday in connection with alleged financial irregularities.

According to the sources, 30 teams are conducting searches in Karimnagar and Hyderabad since 8 am. It is learnt that the searches are going at Hyderguda and Somajiguda in Hyderabad after receiving complaints that granite mining is allegedly being carried out under the supervision of a political leader.

It is said that both ED and IT officials are conducting raids in Hyderabad. Sources said that the raids are conducting after the granite traders violated the FEMA norms.