ED Recovers ₹74 Lakh in Cash Amidst Hyderabad Firm Investigations
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Synopsis
The ED has uncovered ₹100 crore in unaccounted cash and seized ₹74.50 lakh during searches tied to Sai Surya Developers in Hyderabad. The investigation follows multiple FIRs against key individuals for defrauding investors, revealing fraudulent schemes and unauthorized land sales.
Key Takeaways
- ED seized ₹74.50 lakh in cash.
- Ongoing investigation into Sai Surya Developers.
- Uncovered ₹100 crore in unaccounted transactions.
- Fraudulent land sale schemes identified.
- Multiple FIRs filed against key individuals.
Hyderabad, April 17 (NationPress) The Directorate of Enforcement (ED), Hyderabad Zonal Office, has uncovered unaccounted cash transactions totaling ₹100 crore and seized ₹74.50 lakh in cash during searches related to a continuing investigation against Sai Surya Developers and others.
The central agency carried out searches at four locations across Hyderabad and Secunderabad on Wednesday under the Prevention of Money Laundering Act (PMLA), 2002.
According to a statement from the ED on Thursday, the investigation was initiated following multiple FIRs lodged by the Telangana Police against Narendra Surana, Director of Bhagyanagar Properties Ltd., K. Sathish Chandra Gupta, Proprietor of Sai Surya Developers, and others under various IPC sections for deceiving and cheating unsuspecting investors out of their hard-earned money under the guise of advance payments for plot sales involving substantial sums.
The ED's investigation revealed that the accused had devised fraudulent schemes involving unauthorized land layouts, selling identical plots to multiple customers, accepting payments without proper agreements, and providing false assurances regarding plot registrations.
Their actions led to significant financial losses for numerous investors. By deceiving the public with premeditated and dishonest intentions, they generated proceeds of crime that were diverted and laundered for illegitimate gains to themselves and associated entities,” the agency stated.
The ED's searches resulted in the recovery of incriminating documents detailing amounts collected through fraudulent means from various investors, alongside unaccounted cash transactions approximating ₹100 crore.
A total of ₹74.50 lakh in unaccounted cash was seized from the premises of Narendra Surana and the Surana Group of companies, the ED reported, adding that further investigations are ongoing.
Last November, the Cyberabad Police’s Economic Offences Wing filed a First Information Report (FIR) against Satish Chandra Gupta and Narendra Surana. They allegedly defrauded a customer by collecting ₹1.45 crore as an advance payment for a plot in a fabricated and unauthorized layout.
There are accusations that two real estate promoters established fictitious ventures named Sai Tulasi Enclave-IV and Shanmukha Nivas on the same land at Vattinagulpally.
