In a major breakthrough in the gold smuggling investigation involving Kannada actress Ranya Rao, the Enforcement Directorate (ED) has uncovered a complex network of financial irregularities and potential money laundering activities.
The ED on Wednesday raided a medical college in Tumakuru, linked to Karnataka Home Minister G Parameshwara, in connection with the Ranya Rao gold smuggling case. The probe extended to Karnataka’s Home Minister, Dr G Parameshwara, following the discovery of a suspicious Rs 40 lakh payment made towards Rao’s credit card by an educational trust associated with him.
Acting on intelligence inputs and financial trail analysis, the ED conducted coordinated search operations across 16 locations linked to individuals and entities suspected to be part of the smuggling network. These included hawala operators, shell companies, and trusts involved in layering illicit funds.
According to sources, several hawala operators have confessed to procuring smuggled gold through Ranya Rao, who allegedly acted as an intermediary in selling the gold to jewellers across Karnataka.
The ED’s investigation has revealed that Ranya Rao received substantial sums from various companies under the guise of fake consultancy payments and business transactions. One such entity reportedly listed her as a supplier of construction labour and transferred multiple crores to her account, despite no evidence of any genuine services rendered. Similar patterns of fictitious invoicing and fund transfers have emerged in other companies, suggesting a broader money laundering operation.
The case has taken a political turn with the discovery of a Rs 40 lakh payment made by an educational trust towards Ranya Rao’s credit card dues. The trust, according to ED officials, failed to provide any vouchers or documentation to justify the payment.
Sources claim this transaction was executed on the instructions of Dr G Parameshwara, who is associated with a medical college that was also searched by the ED on Wednesday.
In response, Congress including Deputy Chief Minister DK Shivakumar, has denied the allegations, calling them baseless. Shivakumar described Parameshwara as a “humble, simple man” and asserted that he was not involved in any wrongdoing.
Further, the ED has uncovered evidence of illegal foreign exchange dealings by individuals and entities operating without Reserve Bank of India approval.
The agency has traced proceeds of crime amounting to several crores and is actively tracking the money trail to establish the full scope of money laundering and the political links behind it.