Police officials are looking into the properties owned by Ms Reddy and it is alleged that she is a benami of Bhanu and has many properties registered under her name.
Ms Reddy, who worked for NTV, is said to be a distant relative of Suri. Her name came into the net of investigation after a report of her sudden rise in income which turned her into a multi-millionaire.
Bhanu, the alleged killer of Suri, is said to have close links with personalities from the media and film industry. Suri, whose violent life inspired the movie Rakta Charitra, was shot dead on Jan 3, 2011.
Suri was an accused in the 2005 assassination of Telugu Desam Party (TDP) legislator and his rival in faction feud, Paritala Ravindra.
In 1995, a TV bomb was exploded in Suri's house killing his family members. Suri believed Paritala Ravi was the brain behind the TV bomb and wanted to avenge the killings.
In 2009, Suri got conditional bail in the murder case of Paritala Ravi.