Hyderabad: The Enforcement Directorate (ED) has seized a huge amount of cash from Surana Group’s Managing Director, Narendra Surana’s house and offices on Thursday. The ED also found unauthorised financial transactions amounting to Rs 100 crore during the raids conducted in connection with allegations of defrauding customers under the guise of real estate ventures.
The agency alleged that Surana had founded several shell companies and had transferred funds to these companies with loans taken from banks, and invested a large amount in real estate companies.
The action stems from a probe launched into the suspicious sale of plots and assigning the same plots to multiple individuals, and collecting money without valid agreements. Earlier, the Telangana Police registered multiple FIRs against Surana and Saisurya Developers' proprietor Satish Chandra Gupta.
Raids at four locations
On Wednesday, the ED carried out searches at four locations in Hyderabad and Secunderabad. Officials claimed that during the raids, they had unearthed major evidence of fraudulent financial activity. “The agency found that the total funds collected through these illegal schemes amounted to nearly Rs 100 crore,” they said.
With no supporting documentation provided by the accused to justify the transactions, ED has labelled them as unauthorised. “Additionally, Rs 74.5 lakh in unaccounted cash was seized from Surana Group’s offices and Surana's residence. The investigation is ongoing, and further legal action is expected based on the findings,” officials added.
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