While Vasupal is out on bail, the case will continue. "The investigations are ongoing," said an investigating officer with the Central Crime Branch, Chennai.
Vasupal, who was arrested on March 14, was granted bail on April 11 by Justice S Bhaskaran, who directed him to furnish a personal bond of Rs 40 lakh.
The two-decade-old Trivitron had started as a trading company in medical devices and moved onward to manufacture key hospital equipment.
Judge S Baskaran, while granting bail, termed the case as "purely a dispute between two businessmen."
OYO is aggressively expanding its hotel network in Chennai, which contributes to 7% of the company's 70,000-strong room inventory.
A top official with the state I-T Investigation wing confirmed: "The raids began early this morning. About a hundred officials have been pressed into service."
Two bail applications of Vasupal, who has been in Chennai's Puzhal prison since March 14, had been rejected in the past.
The startup community including founders of large startups in Bengaluru to unicorns in Chennai are rallying in support of Vasupal.
Reddy's arrest led to investigators raiding Rama Mohana Rao, the former chief secretary of Tamil Nadu, and his son Vivek Pappisetty.
The FIR was filed on March 13, a day before the arrest. “In instances of a cognisable offence, such action can be warranted,” said a police officer.
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