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The Enforcement Directorate (ED) has seized unaccounted cash to the tune of Rs 74.50 lakh during raids conducted a day ago in connection with an ongoing investigation against Sai Surya Developers and Ors in Hyderabad and Secunderabad, the agency said on Thursday.
Besides, ED's team also seized incriminating documents evidencing details of amounts collected by fraudulent means from various investors as well as unaccounted cash transactions worth around Rs 100 crore during the searches carried out by agency's Hyderabad Zonal office sleuths at four premises in Hyderabad and Secunderabad on April 16 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case. https://x.com/dir_ed/status/1912880207448494453 The cash and the incriminating documents were seized from the premises of Narendra Surana, Director of Bhagyanagar Properties Ltd, and Surana Group of companies. The ED initiated investigation on the basis of several First Information Reports (FIRs) registered by Telengana Police against Naredera Surana, K Sathish Chandra Gupta, proprietor of Sai Surya Developers and others under various sections of Indian Penal Code, 1860 for defrauding and cheating gullible investors of their hard earned money in the name of advance for sale of plots involving huge amounts. The ED said its investigation revealed that the accused persons orchestrated fraudulent schemes involving unauthorized land layouts, selling same plots to different customers, accepting payments without proper agreements, and false assurances of plot registrations. "Their actions caused financial losses to numerous investors. By cheating the general public with predetermined and dishonest intention, they generated proceeds of crime which was diverted and laundered for wrongful gain to themselves and related entities," added the agency in a statement. (ANI)
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