Hyderabad ED seizes Rs. 14.63 crore properties in real estate scam
The Enforcement Directorate has provisionally attached immovable assets worth Rs. 14.63 crore in connection with an alleged real estate fraud involving Sai Surya Developers. The probe under the PMLA stems from multiple FIRs accusing the firm of cheating homebuyers
Hyderabad: The Hyderabad Zonal Office of the Directorate of Enforcement (ED) has provisionally attached immovable assets worth Rs. 14.63 crore in connection with an alleged real estate fraud involving Sai Surya Developers and its proprietor.
The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following an investigation into complaints that several homebuyers were cheated on the promise of residential plots in different projects.
According to ED officials, the properties attached include land parcels held in the name of Sai Surya Developers. The ED began its probe based on multiple FIRs registered by the Telangana Police against Sathish Chandra Gupta, who runs the firm.
Police investigations revealed that Gupta had allegedly collected money from numerous customers but did not execute sale deeds or register the promised plots in their favour.
During its inquiry, the ED reportedly uncovered what it described as a systematic scheme in which plots were marketed and sold without proper approvals.
In some instances, the same parcels were allegedly offered to more than one buyer. Authorities alleged that payments were received through bank transfers, cheques and cash, but valid agreements were not executed in several cases.
Investigations also found that multiple bank accounts were operated in the names of the proprietor, his family members and associated business entities.
Financial scrutiny indicated that the funds collected from buyers were routed through a network of accounts in an apparent attempt to obscure their origin before being diverted for other purposes.
The agency has quantified the suspected proceeds of crime at Rs. 14.63 crore so far.
Further investigation is under way.
