HYDERABAD: The Enforcement Directorate (ED) in Hyderabad has provisionally attached assets worth ₹14 crore under the Prevention of Money Laundering Act. This action is part of an investigation into Sai Surya Developers and others, who are accused of defrauding numerous depositors by falsely claiming to sell plots in various real estate projects.
The assets seized include land owned by Sai Surya Developers. The ED commenced its investigation based on multiple FIRs filed by the Telangana police against Sathish Chandra Gupta, the proprietor of Sai Surya Developers, among others.
According to the police’s chargesheet, Gupta allegedly received payments from several victims but failed to ensure the registration of land in their names, constituting fraud.
The ED’s investigation suggested that Gupta executed a planned fraudulent scheme involving unauthorized land layouts, selling the same plots to various buyers, collecting payments without valid agreements, and giving false promises regarding plot registrations.
Deceiving Investors
The ED alleged, “The accused acted with clear intent to deceive the public. Gupta persuaded numerous investors to part with large sums of money, resulting in significant losses for the victims while benefitting himself and his entities.”
Further investigation revealed that Gupta maintained several bank accounts under his name and those of his family and business entities. The total identified proceeds of crime reached ₹14.6 crore, which was collected from victims via cheques, bank transfers, and cash.
Analysis of these bank accounts indicated that funds were manipulated through inter-account transfers among related individuals to mask their origin, subsequently being diverted for various purposes, leading to investor losses.
