HYDERABAD: Enforcement Directorate, Hyderabad, has provisionally attached immovable properties worth Rs 14 crore under the Prevention of Money Laundering Act in a case involving Sai Surya Developers and others for allegedly cheating multiple depositors under the guise of selling plots in various real estate projects.
The attached assets include land parcels held in the name of Sai Surya Developers. ED initiated its PMLA investigation based on several FIRs registered by Telangana police against Sathish Chandra Gupta, proprietor of Sai Surya Developers, and others.
According to the chargesheet filed by the police, Gupta allegedly collected money from several complainants but failed to register the promised land in their names, thereby cheating them.
The ED investigation found that a planned fraudulent scheme was reportedly carried out by Gupta. He was involved in unauthorised land layout activities, selling the same plots to multiple buyers, collecting sale consideration without executing valid agreements, and giving false assurances about plot registrations, ED alleged.
Deceiving investors
“The accused carried out these acts with predetermined and dishonest intention to deceive the general public. Gupta induced numerous investors to part with substantial sums of money, thereby causing wrongful loss to the victims and corresponding wrongful gain to himself and his entities,” ED alleged.
The probe further revealed that multiple bank accounts were maintained in the names of Gupta, his family members, and his proprietorship and partnership firms. The total quantified proceeds of crime identified so far amount to Rs 14.6 crore, collected from victims through cheques, bank transfers and cash.
Analysis of the bank accounts showed that the funds were layered through inter-account transfers among related entities and individuals to conceal their origin, and were later diverted for various purposes, resulting in losses to investors.
