Hyderabad, April 16 (IANS) The Enforcement Directorate conducted searches at the premises linked to Surana Group and Sai Surya Developers in Hyderabad on Wednesday.
The sleuths of the Central agency were searching the offices and residences of the management heads and representatives of the Bhagyanagar Properties, a Surana group company, in connection with a money laundering case.
The ED teams were conducting searches at various premises of the two real estate companies in Secunderabad, Jubilee Hills, and Bowenpally.
In November 2024, Cyberabad Police’s Economic Offences Wing registered a First Information Report (FIR) and arrested Sai Surya Developers promoter K. Satish Chandra Gupta and Bhagyanagar Properties promoter Narendra Surana. They had allegedly defrauded a customer by collecting Rs 1.45 crore as advance payment for a plot in a fabricated and unauthorised layout.
There are allegations that two real estate promoters created fictitious ventures named Sai Tulasi Enclave-IV and Shanmukha Nivas on the same parcel of land at Vattinagulpally.
They allegedly made an agreement of sale for a plot for Rs 3.25 crore and collected Rs 1.45 crore as an advance from the complainant. However, the suspects escaped without registering the said plot and cheated the complainant
Gupta had 11 criminal cases against him for allegedly committing crimes with the same modus operandi. The company also faced legal action in connection with delayed real estate ventures.
Satish Chandra Gupta was booked by the Madhura Nagar police of Hyderabad last year for alleged fraud related to the Green Meadows project. The case was later transferred to the Central Crime Station (CCS) for further investigation.
Nakka Vishnu Vardhan and others had invested more than Rs 3 crore in the Green Meadows venture in Shadnagar near Hyderabad. They later found that all the mortgage plots associated with their investment had been registered or sold to third-party financiers without their knowledge or consent.
The complainants stated that they relied on the reputation and credibility of the company, partly influenced by the endorsement of popular Tollywood actor Mahesh Babu.
–IANS
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