Hyderabad, February 28 – The Directorate of Enforcement (ED), Hyderabad Zonal Office, has provisionally attached immovable properties worth ₹14.63 crore belonging to M/s Sai Surya Developers under the Prevention of Money Laundering Act (PMLA), 2002.
The action is related to large-scale fraud, where victims were deceived 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 initiated following several FIRs lodged by the Telangana Police against Sathish Chandra Gupta, the owner 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 investigation revealed that Gupta orchestrated a scheme involving unauthorized 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 investigation revealed 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 the crime, amounting to ₹14.63 crore, were collected through cheques, bank transfers, and cash payments. Investigators found that the funds were laundered 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.
