ED raids in Hyderabad: Surana Group, Sai Surya Developers under lens in money laundering case

The Enforcement Directorate (ED) on Wednesday conducted raids across Hyderabad at Secunderabad, Jubilee Hills and Bowenpally areas on the premises of Surana Group and Sai Surya Developers in connection with a money laundering case. The federal agency searched the properties of the two groups separately across the twin cities. Both groups are under the ED scanner for alleged financial irregularities, sources said.

The investigation emanated from several complaints of cheating and breach of trust against Sai Surya Developers, which has reportedly triggered a wider probe into money-laundering. Sai Surya Developers, a prominent real estate player headquartered in Vengal Rao Nagar, has faced criminal cases due to project delivery delays. Its proprietor, Sri Kancharla Satish Chandra Guptha, was earlier booked for fraud in the Green Meadows venture — a real estate project spread across 14 acres in Shadnagar.

Actor Mahesh Babu was the brand ambassador for the venture.

A complaint filed at the Madhura Nagar police station by 32-year-old software engineer Nakka Vishnu Vardhan alleged that he, along with several other individuals, invested more than Rs 3.21 crore in the Green Meadows project in April 2021. Despite multiple follow-ups, investors did not receive the promised land development or registration, the complaint alleged.

Other investors in the project include Dr Sudhakar Rao, Srikakulma Vital Mahesh, Rajesh, Srinath, K Harish, Kotla Shashank, Ch Ravi Kumar, K Prabhavathi, Venkat Rao, and Krishna Mohan, sources said.

The Hyderabad-based Surana Group is a diversified conglomerate with interests in telecommunications, copper rods, copper pipes, copper sheets, copper foils and power cables.

It is also involved in wind and solar power, infrastructure, entertainment and tourism.

India