HYDERABAD: The Enforcement Directorate has unearthed a web of suspicious real estate transactions and seized Rs 72 lakh in unaccounted cash during searches linked to suspended HMDA director Siva Balakrishna. A key lead in the case was an earlier FIR related to alleged illegal gratification for clearing a high-rise project of Udaya SSV Projects at Narsingi.
This led ED to conduct targeted searches, which yielded incriminating documents linked to multiple real estate deals and companies. The probe stems from a disproportionate assets case filed by the Anti Corruption Bureau.
The latest searches were conducted on July 24 at three locations in Hyderabad under the Prevention of Money Laundering Act. According to the ED, the investigation is based on an FIR by the ACB alleging that Balakrishna amassed assets far beyond his known sources of income. Properties were allegedly acquired in the names of his family members, associates, and benamis.
The ED revealed that the seized documents indicate questionable financial transactions and close ties with several realtors. It was found that Balakrishna had allegedly parked proceeds of crime with certain real estate players and was using vehicles registered in their names.
The residences of directors and partners of three real estate companies—Sree Krishna Constructions, Quorizon Spaces, and Udaya SSV Projects—were part of the search operation.
Further investigations revealed that Balakrishna reportedly received illicit payments from builders in exchange for approving building plans and land use changes. These proceeds were then allegedly routed into acquiring both movable and immovable assets under various names.
Earlier, on July 2, the ED had carried out searches at the residences of Balakrishna and his brother, which also led to the seizure of key documents and details of property holdings.
The ED said that substantial cash deposits were found in the bank accounts of Balakrishna’s family members, further supporting the suspicion of large-scale corruption.
The investigation is ongoing, with ED officials continuing to trace the flow of money and identify other individuals and entities linked to the case.
