Hyderabad: ED raids Surana Group, Sai Surya Developers

Ten teams of ED officials conduct searches at Secunderabad, Bowenpally, Jubilee Hills, Madhapur and Banjara Hills

Hyderabad: The Directorate of Enforcement (ED) officials are conducting searches at offices and residences of the management heads and representatives of city-based Surana Group located at various places in the city on Wednesday. Simultaneous searches were also conducted on offices of Sai Surya Developers, which is working as an affiliate of Surana Group.

As per available information, a total of 10 teams of ED officials are conducting searches at Secunderabad, Bowenpally, Jubilee Hills, Madhapur and Banjara Hills.

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The ED searches were in connection with the Surana Group’s alleged embezzlement to the tune of Rs 3,986 crore from three banks. The Central Bureau of Investigation had earlier registered three cases for non-repayment of loans.

In the ED searches conducted at Surana Company in February 2021, gold and cash worth Rs 11.62 crore were seized. A PMLA case has also been registered against the subsidiaries of Surana Group. ED officials conducted the raids as part of the investigation of the case.