HYDERABAD: The Enforcement Directorate (ED) has uncovered a series of questionable real estate transactions and seized Rs 72 lakh in unaccounted cash during investigations linked to the suspended HMDA director, Siva Balakrishna. The inquiry was triggered by an earlier FIR alleging illegal payments for the approval of a high-rise project by Udaya SSV Projects in Narsingi.
This prompted the ED to carry out targeted searches, uncovering incriminating documents tied to several real estate deals and firms. The investigation is rooted in a disproportionate assets case initiated by the Anti Corruption Bureau.
The latest searches took place on July 24 at three different locations in Hyderabad, conducted under the Prevention of Money Laundering Act. The ED stated that the inquiry is based on an FIR by the ACB, accusing Balakrishna of amassing assets significantly exceeding his known income sources. Properties were reportedly acquired in the names of family, associates, and benamis.
The ED has revealed that the seized documents suggest suspicious financial transactions and close connections with several real estate developers. Balakrishna is said to have allegedly invested illicit funds with certain real estate entities and utilized vehicles registered under their names.
The residences of directors and partners from three construction firms—Sree Krishna Constructions, Quorizon Spaces, and Udaya SSV Projects—were also included in the operations.
Further investigations have indicated that Balakrishna allegedly received unlawful payments from builders in return for approving building plans and altering land use. These proceeds were allegedly funneled into acquiring various movable and immovable assets under different names.
Earlier, on July 2, the ED executed searches at the residences of Balakrishna and his brother which resulted in the seizure of vital documents and information on property holdings.
The ED has noted substantial cash deposits found in the bank accounts of Balakrishna’s family, further substantiating suspicions of widespread corruption. The investigation is ongoing, with officials tracking the flow of money and identifying other individuals and entities implicated in the case.