Mahesh Babu Receives ED Notice in Realty Firms Money Laundering Case
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Synopsis
The Enforcement Directorate has summoned actor Mahesh Babu in a money laundering case tied to realty firms Surana Group and Sai Surya Developers, with an inquiry scheduled for April 27. The agency is investigating significant cash transactions associated with these firms, following searches that uncovered unaccounted cash and fraudulent schemes.
Key Takeaways
- Mahesh Babu summoned by ED for inquiry.
- Case linked to Surana Group and Sai Surya Developers.
- Actor reportedly received over Rs 11 crore for promotions.
- ED uncovered unaccounted cash transactions worth Rs 100 crore.
- Fraudulent schemes involved selling the same plots to different buyers.
Hyderabad, April 22 (NationPress) The Enforcement Directorate has summoned renowned Tollywood actor Mahesh Babu regarding a money laundering investigation associated with real estate companies Surana Group and Sai Surya Developers.
The agency has requested the actor to attend an inquiry on April 27.
As the brand ambassador for both firms, Mahesh Babu is said to have received over Rs 11 crore for his participation in their advertisements.
Specifically, the Surana Group reportedly compensated the actor with Rs 5.5 crore, while he earned Rs 5.9 crore from Sai Surya Developers for promotional efforts.
The ED is expected to scrutinize the payments made to Mahesh Babu by these companies.
This notice to Mahesh Babu follows closely on the heels of searches conducted by the agency at the premises of the real estate firms in Hyderabad.
The agency revealed that undisclosed cash transactions amounting to Rs 100 crore were uncovered, with Rs 74.5 lakh in cash confiscated during the searches related to an ongoing inquiry against Sai Surya Developers and others.
On April 17, the agency executed searches at four locations in Hyderabad and Secunderabad in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
The investigation was initiated following multiple FIRs filed by the Telangana Police against Narendra Surana, Director of Bhagyanagar Properties Ltd., K. Sathish Chandra Gupta, Proprietor of Sai Surya Developers, and others for deceiving and cheating unsuspecting investors out of their hard-earned money in the guise of advance payments for plot sales involving substantial amounts.
The ED disclosed that the accused orchestrated fraudulent schemes involving unauthorized land layouts, selling the same plots to multiple buyers, accepting payments without legitimate agreements, and providing false promises of plot registrations.
"Their actions resulted in financial losses for numerous investors. By defrauding the public with a premeditated and dishonest intent, they generated proceeds of crime, which were subsequently diverted and laundered for illicit gain to themselves and associated entities," the agency stated.
The searches conducted by the ED led to the confiscation of incriminating documents detailing the amounts fraudulently collected from various investors, alongside unaccounted cash transactions totaling around Rs 100 crore.
Unaccounted cash totaling Rs 74.50 lakh was seized from the locations associated with Narendra Surana and the Surana Group of companies, the ED reported, indicating that further investigations are ongoing.
