The Hyderabad Zonal Office of the Directorate of Enforcement (ED) has provisionally attached immovable assets worth Rs. 14.63 crore related to an alleged real estate fraud involving Sai Surya Developers and its owner.
ED seize in ₹14.63 Crore Properties Hyderabad
This action followed the Prevention of Money Laundering Act (PMLA), 2002, after an investigation into complaints from homebuyers who claimed they cheated over promised residential plots in various projects.
ED officials said that the attached properties include land held in the name of Sai Surya Developers. The ED started its investigation based on multiple FIRs filed by the Telangana Police against Sathish Chandra Gupta, who runs the company.
Police inquiries revealed that Gupta allegedly collected money from many customers but failed to execute sale deeds or register the promised plots for them.
During its investigation, the ED found what it called a systematic scheme where plots marketed and sold without necessary approvals.
Big red mark on real estate sector
In some cases, the same parcels allegedly offered to more than one buyer. Authorities claimed that payments came through bank transfers, checks, and cash, but valid agreements not made in several situations. Investigators also discovered that multiple bank accounts used by the owner, his family, and associated businesses.
Financial checks suggested that the money collected from buyers moved through a network of accounts, apparently to hide its source before being directed towards other uses.
The agency has estimated the suspected proceeds of crime at Rs. 14.63 crore so far. Further investigation is ongoing.
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