Enforcement Directorate Conducts Raids Amid Real Estate Fraud Investigation

The Enforcement Directorate raided multiple locations in connection with a money laundering investigation involving Surana Group and Sai Surya Developers. The case involves alleged fraud with real estate investors and non-delivery of projects. The company owner faces a police probe, while numerous investors have lodged a complaint.

The Enforcement Directorate (ED) initiated a series of raids in Hyderabad on Wednesday, targeting multiple locations as it investigates a money laundering case linked to real estate fraud. This operation mainly focuses on the Surana Group and Sai Surya Developers, sources confirmed.

The raids, conducted in Secunderabad, Jubilee Hills, and Bowenpally, are part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA). The allegations involve the non-delivery of real estate projects, notably the 'Green Meadows' project spearheaded by Sai Surya Developers.

Kancharla Satish Chandra Gupta, owner of Sai Surya Developers, is already under a police probe concerning project delivery defaults. Despite acting as the project's brand ambassador, actor Mahesh Babu faces no allegations. A complaint filed by a software engineer highlights an investment exceeding Rs three crore by several individuals into the development project.

(With inputs from agencies.)