Hyderabad: The Enforcement Directorate (ED) has issued notices to Telugu film hero Mahesh Babu in connection with investigations involving Surana Group and Sai Surya Developers.
The notice asks him to appear for an inquiry on April 27.
Recently, ED officials conducted raids at the offices and residences linked to Surana Group and Sai Surya Developers.
During these searches, large amounts of cash were seized from the house of Narendra Surana, Managing Director of Surana Industries, located in Secunderabad’s Boyinapalli area.
Similarly, cash was also seized from the residence of Satish Chandragupta, Managing Director of Sai Surya Developers. Several documents were confiscated from the offices of both companies.
Rs 13,000 cr bank fraud: ED seizes large amount of cash in raids on Surana Group
Mahesh Babu’s transactions under scanner
As per reports, ED officials identified that Mahesh Babu received a total of Rs 5.9 crore from the two companies for promotions, comprising Rs 3.4 crore in cash and Rs 2.5 crore through RTGS transactions.
ED raids on Surana Group & Sai Surya Developers
On April 16, ED raids were conducted at Surana Group and Sai Surya Developers’ premises in Hyderabad. Sai Surya Developers’ Managing Director Satish was recently arrested by Cyberabad Police following complaints of fraud involving the collection of funds under the pretext of a venture in Vatti Nagulapalli.
The ED investigation was initiated based on the Cyberabad Police case against Sai Surya Developers. The Surana Group is accused of defrauding three banks of Rs 3,986 crore by taking loans and failing to repay them. The CBI has registered three cases related to this.
The ED has also registered cases under the Prevention of Money Laundering Act (PMLA) against Surana Group companies and their promoters. In 2021, during earlier ED raids on Surana companies, gold and cash worth Rs 11.62 crore were seized.
The ED has carried out multiple raids and investigations, including attachment of immovable properties worth Rs 113.32 crore belonging to Surana Group companies.
Surana Group used dummy directors & shell companies: ED
It was found that Surana Group used dummy directors and shell companies, including entities in the Cayman Islands and British Virgin Islands, to divert bank loans and launder money.
The group also allegedly used funds routed through Singapore-based companies to purchase properties and assets under benami names.
In 2022, ED arrested Dinesh Chand Surana and Vijay Raj Surana, promoters of Surana Group, along with dummy directors Anand Prabhakaran.
