Hyderabad: The Enforcement Directorate (ED) on Thursday, April 17, seized a large amount of cash from Surana Group’s managing director, Narendra Surana’s house.
ED officials found that Surana had founded several shell companies and committed illegal transactions. Officials confirmed that he had transferred funds to shell companies with loans taken from banks and invested a large amount in real estate companies.
The agency also seized a huge amount of cash from K Satish’s house. Satish is the promoter of Sai Surya Developers. Several documents, along with crores of cash, were seized from Sai Surya Surana’s offices.
A few days ago, Satish was arrested by the Economic Offences Wing of the Cyberabad police for collecting money in the Satish Venture in Vatti Nagulapalli and cheating.
Based on the Cyberabad police case, the ED registered a case against Sai Surya Developers and initiated an investigation.
The Chennai division of the Enforcement Directorate (ED) conducted searches on Wednesday against real estate company Surana Group and its subsidiaries – Saisurya Developers and Aryavan Energy – in a case of embezzlement of Rs 13,000 crore to various banks.
The CBI officials in the Bengaluru division registered a case in 2019 on the complaint of IDBI Bank officials regarding these frauds. Based on this case, the ED entered the field from the angle of money laundering. Although the chairman and other directors of Surana Group live in Chennai, they have businesses in Hyderabad. The ED found that the loans taken from banks were illegally diverted to the subsidiaries.
With this, the ED conducted searches at the offices of Surana Group, Saisurya, and Aryavan Energy in Hyderabad, as well as the houses of their directors. In this order, the searches of the ED officials continued at the house of the Surana owners in Arihant Card Master Enclave Colony near Boinappally Diamond Point since early Wednesday morning, April 16.
Meanwhile, several victims recently filed a complaint with the police against Saisurya Developers MD Satish Chandra Gupta. They stated in the complaint that they had collected crores of rupees in the name of pre-launch and cheated them by promising to build apartments and villas.
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