Hyderabad, April 16
The Enforcement Directorate conducted searches at the premises linked to Surana Group and Sai Surya Developers in Hyderabad on Wednesday.
The sleuths of the Central agency were searching the offices and residences of the management heads and representatives of the Bhagyanagar Properties, a Surana group company, in connection with a money laundering case.
The ED teams were conducting searches at various premises of the two real estate companies in Secunderabad, Jubilee Hills, and Bowenpally.
In November 2024, Cyberabad Police’s Economic Offences Wing registered a First Information Report (FIR) and arrested Sai Surya Developers promoter K. Satish Chandra Gupta and Bhagyanagar Properties promoter Narendra Surana. They had allegedly defrauded a customer by collecting Rs 1.45 crore as advance payment for a plot in a fabricated and unauthorised layout.
There are allegations that two real estate promoters created fictitious ventures named Sai Tulasi Enclave-IV and Shanmukha Nivas on the same parcel of land at Vattinagulpally.
They allegedly made an agreement of sale for a plot for Rs 3.25 crore and collected Rs 1.45 crore as an advance from the complainant. However, the suspects escaped without registering the said plot and cheated the complainant