CHENNAI: P Harsha Reddy, son of Telangana revenue minister Srinivasa Reddy, personally collected four high-end luxury watches from an intermediary in Macau in January this year after payments for them were made by his accountant P Subramanyam using USDT (a form of cryptocurrency) and through hawala transactions, sources said citing evidence available with central agencies, including the Enforcement Directorate (ED). The ED on Friday searched at least 16 places linked to the minister and his son, who is a director of the family-owned Raghava Constructions, across Telangana. Harsha has been identified as the buyer of the watches, sources said.

Mohammed Faherdeen Mubeen, a Chennai-based intermediary, had been allegedly tasked with buying seven luxury watches totally worth Rs 5 crore from a shop in Hong Kong by another intermediary and Vijaywada native Alokam Naveen Kumar on behalf of Harsha Reddy, intelligence sources said citing evidence in the ongoing investigation. Harsha allegedly bought the watches to be given as gifts in a family wedding, sources said. The brands he wanted were Audemars Piguet, Patek Philippe and Rolex.

Legal import of these watches attracts a customs duty in excess of 40%. Mubeen was in the business of buying such luxury watches from a specific shop in Tsim Sha Tsui, a tourist hub in Hong Kong. He would later sell them to high-net-worth individuals.

Subramanyam allegedly paid `5 crore through USDT and hawala routed through Hyderabad and Mumbai for buying .