Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, conducted search operations on July 24 at three locations in Hyderabad under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a disproportionate assets case against Siva Balakrishna (suspended Director of HMDA and Secretary-in-charge of TGRERA) and others.
The ED initiated an investigation on the basis of an FIR registered by the Anti-Corruption Bureau, Hyderabad, against Siva Balakrishna and others for amassing assets disproportionate to their known sources of income.
Raids in Hyderabad linked to benami deals and realtor connections
The FIR alleged acquisition of properties in his and his family members’ names as well as in the names of his benamis.
The ED investigation revealed that Shiva Balakrishna received ill-got money from various builders for sanctioning building plans, change of land use, etc. The Proceeds of Crime (POC) were used in acquiring movable/immovable properties in his name, his family members’ and his associates’ (benamis).
Investigation also revealed huge cash deposits in the bank accounts of his family members. During the investigation, the ED had earlier conducted search operations on July 2 on the premises of Siva Balakrishna and his brother, which resulted in the seizure of incriminating documents and details of properties.
Rs 72 lakh unaccounted cash seized
The seized documents, inter alia, revealed suspicious transactions and indicated his association with several realtors.
Investigation revealed that he had parked POC with some realtors and was also using vehicles registered in the names of realtors. Investigation also revealed the existence of another FIR registered by ACB, Hyderabad, against Siva Balakrishna and others, alleging illegal gratification for clearance of a high-rise project of Udaya SSV Projects at Narsingi, Hyderabad.
As a follow-up, further searches under PMLA were accordingly carried out on July 24 at the residential premises of Directors and partners of three real estate companies viz. Sree Krishna Constructions, Quorizon Spaces and Udaya SSV Projects.
Search operations led to the recovery and seizure of incriminating documents as well as unaccounted cash of Rs 72 lakh.
Further investigation is under progress.
