Synopsis
The Enforcement Directorate has conducted extensive searches at the premises of Surana Group and Sai Surya Developers in Hyderabad due to a money laundering investigation, following allegations of fraud and unauthorized land deals.Key Takeaways
- ED conducts searches related to money laundering.
- Focus on Surana Group and Sai Surya Developers.
- Involvement of prominent figures.
- Allegations of fraudulent land deals.
- Legal issues faced by Gupta and Surana.
Hyderabad, April 16 (NationPress) The Enforcement Directorate executed searches at locations associated with Surana Group and Sai Surya Developers in Hyderabad on Wednesday.
The operatives of the Central agency were investigating the offices and residences of the management heads and representatives of Bhagyanagar Properties, a subsidiary of the Surana group, as part of a money laundering investigation.
ED teams were conducting searches at multiple locations of the two real estate firms in Secunderabad, Jubilee Hills, and Bowenpally.
In November 2024, the Cyberabad Police’s Economic Offences Wing filed a First Information Report (FIR) and apprehended K. Satish Chandra Gupta, promoter of Sai Surya Developers, along with Narendra Surana, promoter of Bhagyanagar Properties. They were accused of defrauding a customer by taking an advance payment of Rs 1.45 crore for a plot in a fabricated and unauthorized layout.
Allegations state that the two real estate promoters established fake ventures named Sai Tulasi Enclave-IV and Shanmukha Nivas on the same parcel of land at Vattinagulpally.
They reportedly made a sale agreement for a plot valued at Rs 3.25 crore and collected Rs 1.45 crore as an advance from the complainant. However, the suspects vanished without registering the aforementioned plot, thereby deceiving the complainant.
Gupta has faced 11 criminal cases for allegedly committing crimes using the same modus operandi. The company also faced legal proceedings concerning delays in real estate projects.
Last year, Satish Chandra Gupta was charged by the Madhura Nagar police of Hyderabad for alleged fraud linked to the Green Meadows project. The case was subsequently transferred to the Central Crime Station (CCS) for deeper investigation.
Nakka Vishnu Vardhan and others invested over Rs 3 crore in the Green Meadows project in Shadnagar near Hyderabad. They later discovered that all the mortgage plots connected to their investment had been registered or sold to third-party financiers without their knowledge or consent.
The complainants mentioned that they relied on the company's reputation and credibility, which was partially influenced by the endorsement from well-known Tollywood actor Mahesh Babu.
