Directorate for recovery (ED), Hyderabad Zonal Office, performed in four locations in Hyderabad and Secunderabad on Wednesday (April 16) in connection with the ongoing money laundering probe against M/s Sai Surya and others. The event was adopted according to the provisions of the Act on the Prevention of Money Laundering (PMLA), 2002.
During the raids, officials confiscated the incriminating documents that describe in detail the amounts collected through fraudulent practices, as well as records of unanswered cash transactions that lead approximately 100 crore. In addition, out of Narendra Surana and the company under the Surana group, unseen cash in the total amount of £ 74.50 was obtained.
The survey comes from several firs served by the Telelangan Police against the director of Bhagyanagar Properties Ltd. Narendra Surana, owner of the developers Sai Surya K. Sathish Chandra Gupt and several others. They were booked under various IPC sections for the alleged cheating of investors by collecting preliminary payments for the sale of the plot and cannot recognize agreements.
According to the ED, the accused were involved in real estate fraud, which included the development of unauthorized land layouts, selling the same land to more buyers, making payments without valid agreements and false promises related to registration. These steps resulted in significant financial losses for unsuspecting investors.
The agency said the accused had intentionally stated the public and generated large amounts of illegal money. The proceeds of crime were reportedly diverted and washing for the personal benefit of the accused and related entities. Ed confirmed that further investigation of this matter is underway.
Published – April 17, 2025 20:16
