Hyderabad, Feb 28 (SocialNews.XYZ) The Directorate of Enforcement (ED), Hyderabad Zonal Office, has provisionally attached immovable properties worth Rs 14.63 crore belonging to M/s Sai Surya Developers under the Prevention of Money Laundering Act (PMLA), 2002.
The action is linked to large-scale cheating, where victims were duped under the pretext of buying plots in real estate projects. The attached assets include land parcels registered in the firm's name.
The ED’s investigation was triggered by several FIRs lodged by the Telangana Police against Sathish Chandra Gupta, proprietor of Sai Surya Developers, and others.
According to the police chargesheet, Gupta collected money from numerous complainants but failed to register the promised land in their names, thereby defrauding them.
The probe revealed that Gupta orchestrated a scheme involving unauthorised land layouts, selling the same plots to multiple buyers, collecting payments without valid agreements, and issuing false assurances of registration.
These acts caused significant financial losses to investors while generating wrongful gains for Gupta and his entities.
Further scrutiny uncovered that Gupta and his associates operated multiple bank accounts in their own names, as well as in the names of family members and related firms.
The proceeds of crime, totalling Rs 14.63 crore, were collected through cheques, bank transfers, and cash payments. Investigators found the funds were layered through a web of inter-account transfers to conceal their origin and nature.
The diverted amounts were used for various purposes, ultimately cheating investors who had trusted the developer’s promises.
The ED’s attachment of properties marks a significant step in curbing fraudulent real estate practices and safeguarding depositors’ interests.ed that the investigation is ongoing, with efforts focused on tracing additional assets and unravelling the full extent of the money laundering network.
The case underscores the growing vigilance of enforcement agencies against real estate scams, which have left many buyers vulnerable to financial exploitation.
Source: IANS
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